CLEVELAND (WJW) — A Cleveland business owner is accused of embezzling his employees’ retirement contributions, defrauding investors through a Ponzi scheme and stealing others’ identities to obtain a home loan.
Seku N. Shabazz, 54, of Cleveland — formerly known as Jason Brooks — has been indicted in Northern Ohio’s federal district court with embezzlement from an employee benefit plan, seven counts of wire fraud, three counts of engaging in monetary transactions in criminally derived property and two counts of aggravated theft, according to a Tuesday, Oct. 6, news release from U.S. Attorney David Toepfer.
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Shabazz, a licensed investment adviser and president and CEO of Great Lakes Retirement Planning LLC, a wealth management firm, allegedly used money stolen through different related frauds to “fund his lifestyle and maintain the illusion of success,” reads the release.
Prosecutors said although he withheld employee retirement savings contributions, he didn’t pay them into the company’s retirement plan or pay the employers’ required contribution. Instead, he used the money to pay for his yacht club membership, private business and social club, according to the release…