GRAND RAPIDS, Mich. (WOOD) — The founder of a now-defunct metro Grand Rapids financial services firm on Tuesday pleaded to charges alleging he embezzled from his clients and used the cash to pay of gambling debts.
Jaime Westenbarger pleaded guilty to several counts including using a computer to commit a crime, conducting a criminal enterprise and embezzlement.
He was charged in October 2022, accused of stealing $260,000 from clients of his firm, Forest Hills Financial in Ada, in the spring of 2018 — a husband and wife gave him two checks of $100,000 each and a client with dementia gave him another $60,000.
AG: Forest Hills Financial founder stole $260,000, gambled in 3 states
Documents filed with the court at the time said Westenbarger was supposed to invest the money, but alleged he instead used it to “pay off credit cards, gamble at various casinos in Michigan, Las Vegas and New Orleans, as well as buy items for himself and his girlfriend,” and that he sent some of the money to his then-girlfriend though a money transfer app.