Richmond, Va. – Larry Jay Horsey, 41, of Chesterfield, has pleaded guilty to charges related to his role in an investment fraud scheme that caused a loss of $1.9 million to nine investors.
Between October 2012 and May 2016, Horsey, a licensed insurance agent, 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.
Horsey faces a maximum penalty of 20 years in prison when sentenced on March 17, 2017.
The case was investigated by the Fraud Task Force, including the FBI’s Richmond Field Office, IRS-Criminal Investigation (IRS-CI), and USPIS, with assistance from the Virginia State Corporation Commission.
Assistant U.S. Attorney Thomas A. Garnett is prosecuting the case.
According to the statement of facts filed with the plea agreement, Horsey represented himself to the public as a financial advisor, conducting financial planning seminars in Virginia and North Carolina.
The charges against Horsey include mail fraud and engaging in monetary transactions derived from specified unlawful activities.
Related Federal Cases
- Larry Jay Horsey, Mail Fraud and Monetary Transactions Derived from Specified Unlawful Activities, Virginia 2017 · Virginia
- Karen Holtz, Wire Fraud, Aggravated Identity Theft, Filing False Tax Returns, Virginia 2013 · North Carolina
- Treyton Lee Thomas, Wire Fraud, Virginia 2024 · Virginia
- Richard Alex, Tax Fraud, Virginia 2024 · North Carolina
- LaShawn Clinton, Conspiracy to Commit Bank Fraud and Aggravated Identity Theft, Virginia 2024 · North Carolina
Key Facts
- State: Virginia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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