A Macomb County insurance agent pleaded guilty to embezzling from Southeast Michigan senior citizens.
Paul Garceau Jr. of Grosse Pointe Park pleaded guilty to one count of Embezzlement by an Agent greater than $100,000, a 20-year felony, and two counts of Embezzlement by an Agent between $50,000 and $100,000, a 15-year felony, and agreed to pay $613,199 in restitution.
The sentencing is scheduled for Dec. 12 at 9 a.m.
Garceau was accused of embezzling client funds from 12 unsuspecting seniors without their knowledge or consent.
According to the investigation, Garceau convinced the senior citizens to withdraw money from legitimate investments claiming he would reinvest in other opportunities that would yield higher returns.
"If you take advantage of Michigan seniors, there are consequences," Michigan Attorney General Bill Schuette said. "Today's guilty plea is the first step toward closure and financial assistance for those hurt by this crime."
Garceau had his Michigan insurance provider license revoked on Feb. 16, 2016 by the Department of Insurance and Financial Services. His company, Apex, also had its license revoked on that day.
"Mr. Garceau's actions were reprehensible," said DIFS Director Patrick McPharlin. "The staff of the Department of Insurance and Financial Services, together with the Department of Attorney General, did an outstanding job on behalf of Michigan consumers."
