Larry Jay Horsey, Investment Fraud, Virginia 2024

RICHMOND, Va. – A Chesterfield man, Larry Jay Horsey, 41, has been brought to justice after pleading guilty to charges related to his role in a $1.9 million investment fraud scheme that left nine innocent investors reeling.

According to the statement of facts filed with the plea agreement, Horsey, a licensed insurance agent, was the mastermind behind Heroes Academy, a business that posed as both a non-profit financial education school and a financial management company. Horsey, who presented himself to the public as a financial advisor, conducted financial planning seminars in Virginia and North Carolina, convincing his victims to open what they believed would be investment or savings vehicles.

Between October 2012 and May 2016, Horsey defrauded nine separate individuals, convincing them to invest in what they thought were annuities or Roth IRAs through Heroes Academy. Instead, Horsey spent the funds on various personal and business expenses, totaling $1.9 million in losses for his victims.

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.

The investigation was led by the Fraud Task Force, including the FBI’s Richmond Field Office, IRS-CI, and USPIS, with assistance from the Virginia State Corporation Commission.

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-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. 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.

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