Southfield (WWJ)-   A 44-year old Chesterfield Township man faces racketeering and larceny charges after allegedly posing as a broker and scamming elderly clients of more than $1 million.

Macomb County Prosecutor Eric Smith says Brian Marsack persuaded senior citizens to invest their savings into what he called Goldman Sachs accounts.  

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One victim, a 91-year old man, lost $400,000 in the past three years.  An 87-year old woman lost $355,000 and another woman, who is legally incapacitated, lost $429,000, according to Smith.

Investigators say the victims would make out checks in Marsack’s name and he deposited them into his own personal account.  He then provided them false monthly statements with a photocopied Goldman Sachs logo at the top. 

Marsack allegedly told the victims the investments were yielding nearly 48 percent a year. 

“They thought they were making their money back on this,” Smith told WWJ’s Marie Osborne.

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Authorities say Marsack has never worked for a financial institution or been licensed as a broker. 

Smith said a private attorney, Patrick Simasko, who was working with one of the victims, noticed the irregularities and reported them to the Macomb County Sheriff’s Department.

“The only good thing is we were able to get involved at such a time that we were able to freeze all of his accounts and seize back 100-thousand,” Smith said.  “The problem is he was ramping it up as he went along…because he saw an opportunity.”

Smith said his advice is simple.  “If it seems to good to be true, it probably is.”  He adds investors should always research the company they are going to invest in.

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If convicted on the racketeering charge, Marsack faces up to 20 years in jail.  The larceny by false pretenses charge carries a maximum penalty of 10 years.