Former financial adviser embezzling nearly $2 million from clients

A former financial adviser from Shelby Township pleaded no contest to charges for stealing nearly $2 million from nine sets of victims.

Ernest Romer III, 57, made the pleas Monday in front of Judge Joseph Toia in Macomb County Circuit Court and faces a probable prison term when he is sentenced Sept. 27.

With many of victims observing in court, Romer pleaded to six counts of embezzlement over $100,000 and three counts of embezzlement between $20,000 and $50,000. The more severe charge carries a penalty of up to 20 years in prison.

Romer, working for CoreCap Investments LLC in Sterling Heights, targeted senior-citizen clients he had known for many years by convincing them to invest their money in a new opportunity. Instead, he transferred funds from cashier checks to his personal accounts. He used the money for high-risk investment and personal expenses, including Detroit Lions tickets and purchases at Kroger, Meijer, Walmart, Target, Costco, Red Box, gas stations and restaurants, officials said. Read More