FLINT (WJRT) (10/10/2018) - Two elderly couples were swindled out nearly $3 million in one of the largest embezzlement cases the Genesee County Sheriff's Office has investigated.
Police arrested the 47-year-old financial adviser and former owner of Atlas Valley Country Club in connection with the crime -- the third embezzlement case opened against him within the past 14 months.
Genesee County Sheriff Robert Pickell said Jason Bescoe of Grand Blanc was previously charged with embezzlement of $100,000 or more back in August 2017 when a client of his approved a money transfer.
Bescoe allegedly took $300,000 and kept it for himself in that case.
The new charges allege Bescoe took money from the elderly couples and invested it into a growth fund called "OptionsXpress" from 2008 to 2014. Pickell said the money from there got transferred to Merrill Lynch and JEA Capital Management.
Bescoe is accused of transferring the money out of those accounts to pay off his personal credit card and other credit card in the name of his wife.
"Bescoe used the money for airline flights, high end hotels, fancy restaurants," Pickell said. "In November of 2016 Bescoe bought the Atlas Valley Country Club and he wrote checks totaling $250,000 in four equal payments to the four owners at that time."
Bescoe's wife currently is managing the country club on Perry Road in Atlas Township and he has been removed as an owner. Pickell said investigators don't believe she was aware of her husband's alleged embezzlement, so she is not facing charges.
Bescoe remained in custody Wednesday the Genesee County Jail on $2.7 million bond awaiting further court proceedings.