Businessman faces prison for spending clients’ cash on vacations

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RICHMOND, Va. — A pair of local businessmen – one an insurance agent accused of bilking victims through a supposed nonprofit financial academy, and the other an investment advisor charged with skimming from his clients’ accounts – each pleaded guilty this week to separate, unrelated sets of federal criminal charges.

On Wednesday, Larry Jay Horsey of Chesterfield pleaded guilty to a scheme that defrauded nine investors out of a combined $1.9 million, according to court documents and an announcement from the U.S. Attorneys Office.

Horsey, a 41-year-old licensed insurance agent, ran Heroes Academy, a nonprofit he founded as a financial education school and financial management company. It touted a desire to make “debt-free millionaires” in classes that stressed the importance of saving money, court documents show.

Prosecutors say Horsey presented himself as a financial advisor and ran financial planning seminars in Virginia and North Carolina. Over the course of nearly four years he convinced nine individuals to open what they believed would be investment or savings accounts, using annuities or Roth IRA through Heroes Academy.

Horsey admits to then using those clients’ funds for his own use, including vacations to Florida and Hawaii, traveling to sporting events and supporting a local semi-pro football team.

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