Grand Blanc Man and Flint Woman Indicted For Involvement in Fraudulent Investment Scheme
An indictment was unsealed earlier today charging Larry A. Holley, 61, of Grand Blanc and Patricia Enright, a.k.a. Patricia Gray, 57, of Flint, with conspiracy to commit wire and mail fraud, wire fraud, mail fraud, and money laundering, United States Attorney Matthew Schneider announced today.
Joining Schneider in the announcement was Manny Murial, Special Agent in Charge, Internal Revenue Service – Criminal Investigation Division.
According to the indictment, Enright and Holley, who is a pastor at Abundant Life Ministries in Flint, operated Treasure Enterprise, LLC, which fraudulently purported to provide financial planning and asset management services to investors. Holley and Enright solicited many of the victim investors at financial seminars held at churches throughout Michigan and other states.
The indictment alleges that in order to lure the potential investors, many of whom took their money out of legitimate investments–such as individual retirement accounts (IRAs) and 401Ks–Holley and Enright promised high, guaranteed returns, and the safe return of an investor’s entire principal at the end of the investment period. The money, however, was not invested and did not earn the profits to pay the guaranteed interest payments. Instead, Holley and Enright, and others directed by them, simply deposited the victim investor funds into Treasure’s bank accounts and then used the money for their personal benefit, for the benefit of Abundant Life Ministries, to make interest and principal payments to earlier investors, and to pay other Treasure employees.
The two defendants made their initial appearances in federal court in Flint on Monday.
An indictment is only a charge and is not evidence of guilt. A defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.
The case is being prosecuted by Assistant United States Attorneys Ann Nee and Anthony Vance.