LANSING, Mich. — A former Jackson-based investment advisor has plead no contest to one felony count of conducting a criminal enterprise.
Attorney General Dana Nessel made the announcement on Tuesday.
Robert Morley Jr., 70, has been charged with stealing $700,000 from his clients and plead no contest to racketeering.
He was a registered investment advisor in Jackson between 2007 and 2014 and during that time he stole hundreds of thousands of dollars from an elderly couple who entrusted him with their life savings.
The trustees of the estate could not secure the money after the couple passed away and filed a complaint with the Michigan Department of Licensing and Regulatory Affairs (LARA).
LARA then revoked his license and referred the case to the AG's office.
“I am incredibly grateful for the partnership between our office and LARA, which continues to ensure that those who exploit our residents are held accountable,” Nessel added.
Morley paid $120,000 toward restitution as part of his plea, and is required to pay the remaining $580,000 through a restitution order.
The money will be distributed to the victims’ heirs.
“Michigan residents trust investment advisors to help them save for the future, not take everything they have for personal enrichment,” Nessel said. “While Mr. Morley’s victims may be deceased, he still has a responsibility to repay the money he stole. This plea agreement ensures that the victims’ assets will be passed down to their heirs, and that Mr. Morley will not be permitted to benefit from his crimes.
He faces up to to 20 years in prison and is scheduled to be sentenced at 9 a.m. Thursday, November 21, 2019.
He will remain in Jackson County jail until the sentencing.
“Our LARA investigators did an excellent job when we took our initial action in revoking the licensee’s license. We greatly appreciate the hard work of Attorney General Nessel and her team. We are pleased to see this case brought to justice,” said LARA Director Orlene Hawks. “LARA will continue to take appropriate action against licensees who take advantage of people’s future financial stability, which is unacceptable and reprehensible.”
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