ALEXANDRIA, La. (KALB) - Acting United States Attorney Alexander C. Van Hook announced that Jerry Pearson, 62, of Alexandria was sentenced to federal prison on Thursday, January 30, for stealing money from clients at a retirement services company.

Pearson was sentenced to 63 months in prison followed by three years of supervised release. He was also ordered to pay $3,431,152.21 in restitution to the over 70 victims he scammed.

The case was reportedly investigated by the FBI and prosecuted by Assistant U.S. Attorney Seth D Reeg. The Louisiana Office of Financial institutions was also involved in the case.

According to the information presented in court, Pearson ran Mid South Retirement Services in Boyce from 2012 to 2021 and managed over $40 million in assets. Individuals would invest money with the company for retirement, however Pearson devised a scheme to transfer clients' money without their permission to his own accounts for his own use.

He would take his client’s retirement savings and transfer them to intermediary accounts that he also owned. He would then move the funds to the account of his business, Gray-Walk Farms, LLC or his own personal or investment accounts.

Pearson would then lie to his clients and tell them he was investing the money as they had directed, when he was actually taking their money.

He pleaded guilty on August 16, 2024 to one count of wire fraud.

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