LANSING, Mich. — A former Kent County-based financial adviser confessed to stealing $260,000 from his customers.
Jaime Westenbarger served as a Forest Hills Financial, Inc. agent, through which he informed clients he would invest their funds, the Michigan Department of Attorney General explains. Instead of following up on his word, he transferred funds to his own account.
The state says Westenbarger pleaded guilty Tuesday to the following charges:
- Running a criminal enterprise
- Embezzling at least $100,000 (x2)
- Embezzling between $50,000 and $100,000
- Using a computer to commit a crime (x3)
“Michigan residents seeking a competent financial advisor should not have to fear they are handing their hard-earned income to an outright criminal,” says Attorney General Dana Nessel. “We rely often on our ability to trust the professionals in our community, and losses such as these would be devastating for almost any family. I am appreciative of the Michigan Department of Licensing and Regulatory Affairs for bringing this matter to the skilled prosecutors in my office, and to those prosecutors for the restitution they were able to secure for these victims.”
We’re told Westenbarger has repaid $200,000 to victims and must pay back $60,000 within five months. If the condition is met, he will serve a maximum sentence of 30 months in prison for the embezzlement charges. The other charges would be dropped as well.
A sentencing hearing is scheduled to be held June 27.
