A 51-year-old Macomb County Insurance agent has been charged in connection to embezzling more than $800,000 from senior citizens.
Michigan Attorney General Bill Schuette accuses Paul Garceau of using a Ponzi scheme to steal money from unsuspecting seniors. Garceay is accused of embezzling client funds without their knowledge or consent. The twelve alleged victims are from Livingston, Macomb, Oakland and Wayne Counties. According to the investigation, Garceau allegedly convinced the senior citizens to withdraw money from legitimate investments claiming he would reinvest in other opportunities that would yield higher returns.
Garceau is accused of taking that money and depositing it into his company's account.
“These charges are a step toward justice for those who trusted Mr. Garceau with managing their money,” said Schuette. “Individuals who take advantage of their relationships and conspire to exploit the elderly for personal financial gain will face the consequences and it should serve as a reminder that this type of criminal activity will not be tolerated.”
Paul Garceau of Grosse Pointe is facing several charges including; Embezzlement and Conducting a Criminal Enterprise.
Garceau was arraigned on Friday, May 19. He will be back in court on May 31.
“Garceau’s actions were illegal and unacceptable,” said Patrick McPharlin, Director of the Department of Insurance and Financial Services. "The staff of the Department of Insurance and Financial Services, together with the Department of Attorney General, did an outstanding job of uncovering these schemes that were targeting the elderly.”
