A pastor in Flint is accused of cheating church members, retirees and laid off autoworkers out of millions of dollars.
Under the guise of faith-based financial workshops, the Federal Securities and Exchange Commission said Pastor Larry Holley promised hopeful people a money-making scheme.
Thursday, the agency announced Holley is facing fraud charges and all his assets have been frozen after more than 80 people were tricked out of $6.7 million.
Holley owned a real estate investment company in Flint called Treasure Enterprise, LLC. According to the SEC, Holley conducted financial workshops at churches across the nation.
During those workshops, he would convince people to invest in his company. He promised high returns – money investors never saw.
The SEC alleged Holley would tell people “being someone who prayed for their children, he was more trustworthy than a banker with their money.”
Holley is the pastor at The Abundant Life Community Church in Flint. TV5 visited his office to speak with Holley but there was no answer. A receptionist confirmed his assets have been frozen, but said Holley was unavailable.
In a statement released Thursday, the director of the SEC said:
“Holley built a bond of a trust based on faith, but it was actually based on false promises.”
Last August, Holley and a woman who worked with Treasure Enterprise, LLC were ordered to cease and desist taking on investors for the company.
The SEC’s investigation is continuing into his case. For now, Holley and his business assets have been frozen.
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