Grand Blanc man, Flint woman charged in fraud investment scheme
Larry Holley, Patricia Enright charged with conspiracy to commit fraud
FLINT, Mich. – An indictment was unsealed Friday, charging Larry A. Holley, 61, of Grand Blanc, and Patricia Enright -- also known as Patricia Gray -- 57, of Flint, with conspiracy to commit wire and mail fraud, wire fraud, mail fraud and money laundering, U.S. Attorney Matthew Schneider announced.
According to the indictment, Enright and Holley, who is a pastor at Abundant Life Ministries in Flint, operated Treasure Enterprise LLC, which fraudulently purported to provide financial planning and asset management services to investors.
Holley and Enright solicited many of the investors at financial seminars held at churches throughout Michigan and other states, officials said.
The indictment alleges that, in order to lure potential investors -- many of whom took their money out of legitimate investments, such as individual retirement accounts and 401(k) plans -- Holley and Enright promised high, guaranteed returns and the safe return of an investor’s entire principal at the end of the investment period.
The money, however, was not invested and did not earn the profits to pay the guaranteed interest payments.
Instead, Holley, Enright and others directed by them deposited the investors' funds into Treasure’s bank accounts and used the money for their personal benefit, the benefit of Abundant Life Ministries, to make interest and principal payments to earlier investors and to pay other Treasure employees, according to officials.
Holley and Enright made their first appearances in federal court in Flint on Monday.
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