Prosecutor: Shelby Township Investment Broker Stole $400K From Senior Citizens

SHELBY TWP. (WWJ) - A Shelby Township investment broker could spend decades behind bars after he allegedly stole hundreds of thousands of dollars from clients.

Ernest Romer, 56, is charged with two counts of embezzlement, $100,000 or more, with each carrying a maximum sentence of 20 years in prison.

Macomb County Prosecutor Eric Smith says Romer's long-term clients trusted him, and "he robbed them blind" — convincing them to "invest" their money with an entity he created called P&R Capital, then transferring the cash to his own personal accounts.

From those accounts, Smith says Romer conducted a series of securities transactions at a large loss and used the rest of the cash for his own purchases at Kroger, Meijer, Walmart, Target, Costco, Red Box, gas stations and restaurants.

Romer allegedly scammed two senior citizens out of $200,000 each, and Smith believes there are additional victims out there.

"Our assistant prosecutor in charge of this case has received several calls from other victims indicating that they were scammed or that their parents were scammed from Romer....So this is something that has been ongoing," Smith said. "We'll do everything in our power to seek justice and secure whatever money is left for these victims."

In the meantime, Smith urges everyone to stay on top of their financial accounts. "It never hurts to have another set of eyes on your life savings. Scammers are set to prey on the inattentive investor," he said.

Romer will appear for an arraignment in 41-A District Court on a date not yet been set.