Flint Pastor Accused Of Bilking $2M From Retirees And Laid-Off Auto Workers

(WWJ) Federal regulators are accusing a Flint pastor of fraud after he used the Bible to persuade believers to invest more than $6 million with him.

The Securities and Exchange Commission says the pastor of Abundant Life Ministries, Reverend Larry Holley, and his Treasure Enterprise LLC owe 43 Michigan investors -- mostly retirees and laid-off auto workers -- about $2 million.

Holley is believed to owe even more money to investors in 13 other states, investigators say.

The government says Holley promised risk-free returns from real estate. He told investors that because he prayed for their children, he was more credible than a banker.

A Detroit federal judge has put a freeze on assets.

Before he was outed, Holley described himself in a blog post, writing that he's a "renowned speaker, businessman, and philanthropist."

He added: "Mr. Holley has successfully created, managed and prospered in various businesses for over 30 years. Inspired by the opportunity to finance kingdom work and share the abundant life with others, he has finance kingdom work and share the abundant life with others."

He went on to say he had purchased more than 600 residential homes and owned more than 1 million square feet of real estate, "helped churches raise millions of dollars to pay off, purchase and renovate buildings," and "financed the work of the Gospel throughout the world."