Woodlands financial advisor pleads guilty in $1.9M fraud case
Lawrence Allen DeShetler, an investment adviser and certified financial planner in The Woodlands, pleaded guilty to mail fraud June 8 in U.S. District Court in Beaumont, Acting U.S. Attorney Brit Featherston announced Thursday.
DeShetler, 67, fraudulently obtained $1.9 million from five clients of his advisory business, DeShetler and Company Inc. DeShetler faces a maximum sentence of 20 years at sentencing. The date has not been set.
DeShetler spent some of the client's money on restaurant bills, country club fees, clothing, and pool cleaning services.
According to the Information filed in federal court, DeShetler advised clients on investment strategies and financial planning. In 2014, he started urging clients to withdraw money from their investments and give him the proceeds so he could earn higher returns than they were getting.
Read more: http://www.chron.com/neighborhood/woodlands/news/article/Woodlands-financial-advisor-pleads-guilty-in-11206959.php