FLINT (WJRT) (5/29/2019) - The former Atlas Valley Country Club owner will serve time behind bars after admitting to stealing nearly $3 million from elderly couples.
In October, Jason Bescoe pleaded guilty to two counts of embezzlement and he was sentenced on Wednesday to spend 45 to 240 months in prison.
Investigators say Bescoe took his clients' investments and put them in his own accounts. He admitted to stealing $2.7 million from senior citizens from 2008 to 2017.
Bescoe relinquished $2.4 million that will the used to repay the victims.
He allegedly took money from the elderly couples and invested it into a growth fund called "OptionsXpress" from 2008 to 2014. The money then 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.
Some of the money Bescoe fleeced from the senior citizen victims went to help pay for the purchase of Atlas Valley Country Club. He since was removed as an owner but his wife remains listed as the manager.
Genesee County Sheriff Robert Pickell has said Bescoe's wife likely was not aware of the embezzlement scheme and she isn't facing charges in the case.