Convicted Michigan Con Man Charged with Embezzling More Than $300,000 from Louisville-Area Investors

LOUISVILLE, KY—A federal grand jury in Louisville has indicted a Michigan man, who is currently in the custody of the Michigan Department of Corrections, with embezzling more than $300,000 from Louisville area investors, announced David J. Hale, United States Attorney for the Western District of Kentucky.

According to the two-count indictment, David J. Broecker, age 53, of Orion Township, Michigan, allegedly solicited approximately $94,000 from investor G.B. between March 2003 and April 2010, and $229,155 from investor D.B. from September 2005 through February 2010. It is further alleged that Broecker devised a scheme to obtain the money by falsely representing that the money would be invested in business ventures when in fact, Broecker expended these monies for his personal benefit and gain. During the course of the scheme, it is alleged that Broecker used interstate wire communications to transfer money deposited in a National City Bank account in Louisville, Kentucky to Michigan.

On March 23, 2010, Broecker pleaded no contest to larceny in Michigan State Court and was sentenced to a maximum 10 years in prison and ordered to pay restitution of $356,000. According to the Michigan Department of Corrections, Broecker was sentenced to five years in prison in June 2002 for embezzlement and false pretenses over $20,000; to six years in prison in March 1999 for embezzlement; to eight years in prison in March 1999 for embezzlement; and to three years in prison in March 1999 for embezzlement.

This case is being prosecuted by Assistant United States Attorney Bryan Calhoun and was investigated by the Federal Bureau of Investigation.

If convicted, Broecker faces a maximum sentence of 40 years in prison, a $500,000 fine, and three years’ supervised release.

The charges in the indictment are merely allegations and all defendants are presumed innocent until proven guilty in a court of law.