Last week, former Kent County investment advisor Jaime Westenbarger, 46, now of Nashville, TN, was sentenced to 30 to 240 months’ incarceration by Judge Scott A. Noto in the 17th Circuit Court in Kent County on count of Embezzlement $100,000 or More, announced Michigan Attorney General Dana Nessel. Westenbarger was also given a concurrent sentence of 30 to 180 months for one count of Embezzlement $50,000 or More But Less Than $100,000. He pled guilty as charged in January 2024, under a delayed sentence, to the following crimes:
• One count of Conducting a Criminal Enterprise.
• Two counts of Embezzlement $100,000 or More.
• One count of Embezzlement $50,000 or More But Less Than $100,000.
• Three counts of Using a Computer to Commit a Crime.
Because Westenbarger paid $160,000 in restitution for the charged victims before the end of his delayed sentence, the People agreed he could be sentenced to 30 months, concurrently, on the charges of Embezzlement $100,000 or More and Embezzlement $50,000 or More But Less Than $100,000, with the remaining charges dismissed. Westenbarger has also agreed that other victims of uncharged offenses, listed in the plea agreement, have the right to seek restitution in this case for the financial loss they may have suffered.
“As an investment advisor, Mr. Westenbarger was entrusted with his clients’ life savings and their aspirations for the future,” Nessel said. “Without the Michigan Department of Licensing and Regulatory Affairs referring this matter and the diligent efforts of prosecutors in my office, the defendant could have devastated countless more lives, and securing this sentence or restitution may have been impossible. My department will continue to protect Michiganders from those who would embezzle their hard-earned money.”
Westenbarger, who worked as an investment advisor and the registered agent for Forest Hills Financial, Inc., embezzled $260,000 after telling the victims he would invest their money, but instead stole the money for himself using a computer via online transfers. The case was referred to Nessel’s office by the Michigan Department of Licensing and Regulatory Affairs.
• One count of Conducting a Criminal Enterprise.
• Two counts of Embezzlement $100,000 or More.
• One count of Embezzlement $50,000 or More But Less Than $100,000.
• Three counts of Using a Computer to Commit a Crime.
Because Westenbarger paid $160,000 in restitution for the charged victims before the end of his delayed sentence, the People agreed he could be sentenced to 30 months, concurrently, on the charges of Embezzlement $100,000 or More and Embezzlement $50,000 or More But Less Than $100,000, with the remaining charges dismissed. Westenbarger has also agreed that other victims of uncharged offenses, listed in the plea agreement, have the right to seek restitution in this case for the financial loss they may have suffered.
“As an investment advisor, Mr. Westenbarger was entrusted with his clients’ life savings and their aspirations for the future,” Nessel said. “Without the Michigan Department of Licensing and Regulatory Affairs referring this matter and the diligent efforts of prosecutors in my office, the defendant could have devastated countless more lives, and securing this sentence or restitution may have been impossible. My department will continue to protect Michiganders from those who would embezzle their hard-earned money.”
Westenbarger, who worked as an investment advisor and the registered agent for Forest Hills Financial, Inc., embezzled $260,000 after telling the victims he would invest their money, but instead stole the money for himself using a computer via online transfers. The case was referred to Nessel’s office by the Michigan Department of Licensing and Regulatory Affairs.
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