Former Michigan investment advisor pleads guilty to embezzling $260K from clients
KENT COUNTY, Mich. (FOX 2) - A former Michigan investment advisor who now lives in Nashville stole $260,000 from clients, Attorney General Dana Nessel said.
Jaime Westenbarger, 46, pleaded guilty Tuesday to embezzlement and conducing a criminal enterprise.
Westenbarger worked as an investment advisor and the registered agent for Forest Hills Financial Inc. in Kent County when he embezzled money from multiple clients. Authorities say he told the victims he would invest their money, but instead stole the money for himself using a computer via online transfers.
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The case was referred to Nessel’s office by the Michigan Department of Licensing and Regulatory Affairs.
Westenbarger paid $100,000 in restitution for the victims at the time of the plea and $100,000 was previously paid. He has five months to pay the remaining $60,000 in restitution during his delayed sentence.
If he pays the full $160,000 in restitution before the end of his delayed sentence, he faces a maximum term of incarceration of 30 months, concurrently, on the charges of Embezzlement $100,000 or More and Embezzlement $50,000 or More But Less Than $100,000, with the remaining charges dismissed.
Additionally, if Westenbarger fails to comply with the agreement to pay the $160,000 in restitution before the end of his delayed sentence, he will be sentenced on all charges.
"Michigan residents seeking a competent financial advisor should not have to fear they are handing their hard-earned income to an outright criminal," said 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."