A Grosse Pointe insurance agent has admitted to stealing money from his clients.
GROSSE POINTE, Mich. (WXYZ) - A Grosse Pointe insurance agent was sentenced to up to 20 years in prison Tuesday after embezzling more than $800,000 from senior citizens.
Paul Garceau, Jr. appeared in the Macomb Circuit Court. He admitted to a Ponzi scheme that cheated 12 of his clients out of their money.
Garceau allegedly convinced them to take money out of legitimate investments and claimed he would re-invest in other opportunities that would bring in more money.
"The entire experience was an endless cycle of excuses,” one victim said.
Garceau made a statement before the ruling.
"I was weak, I was delusional and I was a coward,” he said.
His victims were from Wayne, Macomb, Oakland and Livingston Counties.
Like Us. We Like You.
Get local stories delivered directly to your newsfeed.
We're on Roku.
Stream local news, whenever you want.
Download the app today and get up to date info on the go.