Paul Garceau Accused of Scamming Elderly in Ponzi Scheme

A Grosse Pointe, Michigan man is accused of running a ponzi scheme that took money from the elderly in Detroit. Paul Garceau is facing criminal enterprise and embezzlement charges for allegedly stealing $800,918 from victims in Michigan. From one of the victims, he allegedly stole $176,663.61 through his agency, Apex Wealth Management. In February, Garceau had his insurance producer license revoked by the Michigan Department of Insurance and Financial Services (DIFS). His agency also had its license revoked on the same day. The scheme occurred from January 2008 until January 2015. He convinced the elderly investors to withdraw funds from legitimate investments, telling them he would reinvest their funds in more lucrative investments with higher returns. He is charged with one count each of conducting a criminal enterprise and embezzlement by an agent $100,000 or more, five counts of embezzlement by an agent $50,000 to less than $100,000, and one count of embezzlement by an agent of $20,000 to less than $50,000, according to a release. He will return to court on May 31st. If you were a victim of Mr. Garceau’s, please contact our securities law firm at 312-332-4200 to find out how to recover your losses. You may be able to recover them on a contingency fee basis. The call to our Chicago-based law offices is free with no obligation so please call today.