Investment fraud is not always due to a broker’s negligence or broker malpractice. Investment losses can occur when investors are lured by trusted individuals under false premises.
March 2017. Grand Blanc, Michigan businessman, Larry A. Holley, is facing a civil complaint filed by the Securities and Exchange Commission.
According to the complaint, Holley and his business partner, Patricia Enright Gray, of Flint bilked over 80 investors in both Michigan and across the nation, out of $6.7 million. Holley and Gray targeted retirees, laid-off auto workers and others into investing in their “profitable” real estate company, Treasure Enterprise LLC, promising high returns. Although Holley declared his real estate company “solid” and included hundreds of residential and commercial investment properties, the SEC claim states Treasure Enterprise was not making enough revenue from any investments to support the business and pay investors back.
According to the complaint, Holley gained the trust of numerous investors through his “financial wisdom seminars” that he hosted across the nation, purportedly to help attendees learn how to get out of debt and become more financially independent. His partner, Gray, used local Michigan radio advertising to reach laid-off auto workers with severance packages.
Gray promised to roll over their retirement funds into tax-advantaged Individual Retirement Accounts (IRAs) that would be then be invested into the real estate company. No funds were deposited into IRAs.
Furthermore, neither Holley nor Gray, were registered to sell investments. Holley, Gray and Treasure Enterprise were originally ordered to cease-and-desist from selling unregistered securities and acting as unregistered agents, as well as from making false or misleading statements in this offer and sale of securities. To date, 40 investors are still owed almost $2 million in past-due payments. Holly’s wife, Carlene Renée Holly, is also named in the civil action.
If you, or an acquaintance, have faced investment losses due to Holley, Gray or Treasure Enterprise, or believe you have been a victim of securities or investment fraud, contact our Michigan securities law firm today. To see the full press release https://www.sec.gov/news/press-release/2017-74.
We have helped countless individuals throughtout the Greater Detroit Area and beyond recover from investment losses. Call us today at 313-962-7777 for a free case evaluation.