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.
