Owner of country club arrested, accused of embezzling - WNEM TV 5

Owner of country club arrested, accused of embezzling

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GRAND BLANC, MI (WNEM) -

The owner of a local country club has been arrested, accused of embezzling hundreds of thousands of dollars.

Genesee County Sheriff Robert Pickell said Jason Bescoe ran an investment company, but instead of investing the money he took in he used it to pay off a lien on his home.

Pickell said the embezzled money came out to more than $300,000.

Gov. Rick Snyder’s office announced Wednesday the Licensing and Regulatory Affairs has suspended the investment adviser registration of Research Money Management, LLC and Jason K. Bescoe.

Both are of Grand Blanc.

The state said Bescoe and his firm failed to submit proper reports under a conditional registration agreement they entered with in April 2016.  

“The Michigan Uniform Securities Act allows CSCL to issue conditional registrations that require additional reporting by an investment adviser,” said CSCL Director Julia Dale. “Mr. Bescoe and his firm have failed to comply with the conditions the registration, so the suspensions became necessary.”

The state said Bescoe’s firm agree to several conditions, including required quarterly reporting to CSL by a third-party compliance specialist.

The state is reminding Michigan consumers that investment advisers are required to be registered or exempt from registration to provide advice. 

Before entering an investment, you are encouraged to contact CSCL and the bureau can run a registration check on any investment adviser, broker-dealer, professional, or product.

CSCL can be reached at 517-241-6345 or online here

This case is separate from the investigation into Atlas Country Club, which is owner by Bescoe. Pickell said that investigation is ongoing.

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