Michigan Attorney General Dana Nessel earlier this month charged Stanley Alan Williams, Jr., 41, of Auburn Hills, with multiple felonies for investment fraud in the Oakland County 46th District Court in Southfield.
Williams Jr. is charged with the following:
• Two counts of embezzlement by an agent, a felony with a maximum sentence of 15 years in prison or a $25,000 fine or both.
• Four counts of securities fraud, a felony with a maximum sentence of five years in prison or a $500,000 fine or both.
• Two counts of using a computer to commit a crime, a felony with a maximum sentence of 10 years in prison or a $10,000 fine or both.
• Two counts of larceny by conversion, a felony with a maximum sentence of 10 years in prison or a $15,000 fine or three times the value of the property, whichever is greater.
Williams operated two purported investment companies, Karmanos Coleman Taubman Inc. and Pechoet Management – neither of which were registered under the Security Code according to the Michigan Department of Licensing and Regulatory Affairs (LARA). Williams is accused of depositing funds belonging to four of his clients into his own personal investment account, withdrawing a total of $124,529 of their money.
The attorney general’s investigation began after LARA investigated and issued a Cease and Desist Order against Williams, to which Williams did not respond. The Attorney General’s Child, Elder and Family Financial Crimes Division picked up the investigation, leading to the charges against him.
“Michiganders investing for the future shouldn’t have to think twice about who they trust with their hard-earned money,” Nessel said. “My office is steadfast in its commitment to hold those who defraud our state residents accountable.”
“Fraud crimes can destroy Michiganders’ financial security and are personal violations that shatter an individual’s trust in others,” said LARA Director Orlene Hawks. “LARA takes all regulatory steps necessary to maintain the highest standards of honesty and ethics to ensure that Michigan investors are protected from unscrupulous individuals.”
Williams was arraigned earlier this month before Oakland County 46th District Court Magistrate Tiffany McEvans and given a $10,000 cash/surety/10 percent bond.
A probable cause hearing is scheduled for 1:30 p.m. Friday, Feb. 1.
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