RICHMOND, Va. – Larry Jay Horsey, 41, of Chesterfield, pleaded guilty today to charges related to his role in an investment fraud scheme that caused a loss of $1.9 million to nine investors.
According to the statement of facts filed with the plea agreement, Horsey, a licensed insurance agent, was the founder and operator of “Heroes Academy,” a business that marketed itself as both a non-profit financial education school and a financial management company. Horsey represented himself to the public as a financial advisor, conducting financial planning seminars in Virginia and North Carolina. Between October 2012 and May 2016, Horsey targeted nine separate individuals, convincing those individuals to open what they believed would be investment or savings vehicles, such as an annuity or a Roth IRA, through Horsey’s Heroes Academy business. Instead of using those individuals’ savings as promised, however, Horsey instead spent the funds on various personal or business expenses. In total, Horsey defrauded those nine investors of a combined $1.9 million, and today pleaded guilty to charges of mail fraud and engaging in monetary transactions derived from specified unlawful activities.
Horsey faces a maximum penalty of 20 years in prison when sentenced on March 17, 2017. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.
Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; Adam S. Lee, Special Agent in Charge of the FBI’s Richmond Field Office; Thomas Holloman, Acting Special Agent in Charge, Washington, D.C. Field Office, IRS-Criminal Investigation (IRS-CI); and Terrence P. McKeown, Inspector in Charge of the Washington Division of the U.S. Postal Inspection Service (USPIS), made the announcement after the plea was accepted by U.S. District Judge Henry E. Hudson. Assistant U.S. Attorney Thomas A. Garnett is prosecuting the case.
The case was investigated by the Fraud Task Force, including the FBI’s Richmond Field Office, IRS-CI, and USPIS, with assistance from the Virginia State Corporation Commission.
A copy of this press release may be found on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 3:16cr153.