LANSING, Mich. — Michigan Attorney General Dana Nessel announced Friday morning that a former investment advisor in Kent County is going to prison.
Jaime Westenbarger, now 46 and living in Nashville, Tenn., agreed to plead guilty to two criminal counts in exchange for serving 30 months in prison. He originally faced seven criminal charges and had been sentenced to up to 20 years in prison by Judge Scott Noto in 17th Circuit Court in Grand Rapids.
Westenbarger pleaded guilty in January to the following charges:
* 1 count of embezzling $100,000 or more
* 1 count of embezzling between $50,000 and $100,000
In exchange for that plea, the following charges against him were dismissed:
* 1 count of conducting a criminal enterprise
* 1 count of embezzling $100,000 or more
* 3 counts of using a computer to commit a crime.
Westenbarger already has paid $160,000 in restitution and has agreed that other victims have the right to seek repayment.
Nessel said that while working as an investment advisor and registered agent with Forest Hills Financial, Westenbarger embezzled $260,000 after telling his victims that he would invest their money, but instead stole it for himself using a computer via online transfers.
The case was referred to Nessel's office by the Michigan Department of Licensing and Regulatory Affairs.
“As an investment advisor, Mr. Westenbarger was entrusted with his clients’ life savings and their aspirations for the future,” Nessel said. “Without the Michigan Department of Licensing and Regulatory Affairs referring this matter and the diligent efforts of prosecutors in my office, the defendant could have devastated countless more lives, and securing this sentence or restitution may have been impossible. My department will continue to protect Michiganders from those who would embezzle their hard-earned money.”
PREVIOUS STORY:
https://www.fox17online.com/news/local-news/kent/former-kent-co-financial-consultant-admits-to-260k-embezzlement-scheme
