BEAUMONT, Texas – A 67-year-old Houston man has pleaded guilty to federal violations in the Eastern District of Texas, announced Acting U.S. Attorney Brit Featherston today.
Lawrence Allen DeShetler, a certified financial planner and investment advisor since 1994, faced charges before U.S. Magistrate Judge Keith Giblin for his deceitful actions.
In court documents, it was revealed that DeShetler, president of DeShetler & Company, Inc., had been advising clients on investments and acting as a broker for annuities and insurance policies. However, starting in 2014, he convinced clients to withdraw funds from their accounts under the guise of higher returns, only to deposit the proceeds into his personal accounts and use the money for himself.
DeShetler’s fraudulent activities netted him $1,907,003.71 from five victims, including two from Jefferson/Orange county in Texas. Under federal statutes, he now faces up to 20 years in federal prison at sentencing.
The investigation was a joint effort by the FBI; Orange County Sheriff’s Office, Texas Department of Public Safety, Texas State Securities Board, and local district attorney’s offices. Assistant U.S. Attorney Christopher T. Tortorice is handling the prosecution.
A sentencing hearing will be scheduled following the completion of a presentence investigation by the U.S. Probation Office.
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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