[paypal_donation_button]Washington D.C. — The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze obtained against Flint pastor Larry Holley of Abundant Life Ministries for allegedly exploiting church members, retirees, and laid-off auto workers who were misled to believe they were investing in a successful real estate business.
The SEC alleges that Holley cloaked his solicitations in faith-based rhetoric, replete with references to scripture and biblical figures. Holley allegedly told prospective investors that as a person who “prayed for your children,” he was more trustworthy than a ”banker” with their money. According to the SEC’s complaint, Holley held financial presentations masked as ”Blessed Life Conferences” at churches nationwide during which he asked congregants to fill out cards detailing their financial holdings, and he promised to pray over the cards and invited attendees to have one-on-one consultations with his team. He allegedly called his investors ”millionaires in the making.”
According to the SEC’s complaint, which also charges Holley’s company Treasure Enterprise LLC and his business associate Patricia Enright Gray, approximately $6.7 million was raised from more than 80 investors who were guaranteed high returns and told they were investing in a profitable real estate company with hundreds of residential and commercial properties.
According to the complaint, Gray advertised on a religious radio station based in Flint and singled out recently laid-off auto workers with severance packages to consult her for a ”financial increase.” Gray allegedly promised to roll over investors’ retirement funds into tax-advantaged Individual Retirement Accounts (IRAs) and invest them in Treasure Enterprise. The SEC alleges that no investor funds were deposited into IRAs, and Treasure Enterprise struggled to generate enough revenue from its real estate investments to support the business and make payments owed to investors. Treasure Enterprise owes investors an estimated $1.9 million in past due payments, according to the SEC’s complaint.
”As alleged in our complaint, Holley and Gray targeted the retirement savings of churchgoers, building a bond of trust purportedly based on faith but actually based on false promises,” said David Glockner, Director of the SEC’s Chicago Regional Office.
According to the SEC’s complaint, Holley, Gray, and Treasure Enterprise were not registered to sell investments. The SEC encourages investors to check the background of anyone offering to sell them investments by doing a quick search on the SEC’s investor.gov website.
The SEC has obtained a temporary restraining order in U.S. District Court for the Eastern District of Michigan that freezes the assets of Holley, Gray, and Treasure Enterprise. The court’s order also appoints a receiver and imposes other emergency relief.
The SEC’s complaint alleges violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The complaint seeks disgorgement of ill-gotten gains plus interest, penalties, and permanent injunctions.
The SEC’s investigation, which is continuing, is being conducted by Ana P. Doncic, Delia L. Helpingstine, and Sruthi Koneru of the Chicago office. The case is being supervised by Steven L. Klawans, and the litigation is being led by Jonathan S. Polish.
It’s about time that this company who screws everyone they deal with gets what they deserve! Karma has finally found Treasure Enterprise, Pat Gray, and Larry Holley.
This just is not right. As our community tries to rebuild we have people like him setting us back #flint lives matter
The real pastor dollar
I often listened to Ms. Grays program on the radio. I had been to programs several years ago when they were giving away cars and also homes. My spirit just did not convict me to place my retirement funds with them. So glad for listening to my inner spirit. I really feel sorry for those who lost their money. It is really sad when a “man of God” defrauds his flock.
My mom lost all her money, and has not been given it back we lost everything, is there a way to get any of that back? Please help her!
Holly and Gray destroyed my new marriage by scamming my husband of his retirement. We didn’t stand a chance. They are awful people. The stress took a huge toll on our health. I am so happy they can’t hurt anyone else.
I don’t put nothing pass him that’s sad he did my father the same way with one of rental property in Michigan we took him to court had proper paperwork and was sued for wrongful termination well eviction
He stole $20,000 from my family and was hiding for so long I’m glad they got his ass karma you get what you served
What is going to happen to people renting the properties from Treasure Enterprise? Pastor Holley owns several places that currently have renters and tenants. Obviously they weren’t aware that he was a crooked man. I fear mean people could lose their homes and businesses.
*many not mean.
I always knew Pastor Holley was a crook and a liar. I hope he and everybody connected with him go to prison.
A lot of churches in Flint ripping people off selling books t-shirts members joining businesses belong to pastor and Pastor wife it’s a big money racket. Who’s the guy on the poster That was supposed to on the news
What poster are you referring to?
It’s sad that you stole from ppl that need this income to live on. Destroying and devastating ppl way of life while you live high on the hog. Shame on you Larry Holley!!!! I won’t give you the title pastor because you have not conducted yourself like one. Shameful!!
When i heard, Mr, Holly speak for the first time i knew he was a scam artist it was in my spirit Thank God for the Holy Spirit and his Word Beware Of False Prophet !!! Pastor like him give other Pastor a Bad Rap !!! Holly was pimp from the pulpit lot people saw threw him , The pimp game is always the same just different Player !!! So sad Amen God be the Glory he was caught in his track, he will not take anymore of people hard earn money !!! He should pay all the money he took from investor
What’s done in the dark comes out in the light
Larry Holley is an ex-con also.
Comments are closed.