In addition to being the senior advisor of an area investment counseling firm, Larry Joe Dearman was a popular wedding singer, according to a complaint by the U.S. Securities and Exchange Commission.
Fourteen months after financial schemes allegedly orchestrated by the pair started to unravel, Dearman
and Gray were charged in Washington County District Court with multiple counts of felony embezzlement and criminal conspiracy.
, 40, is charged with four counts of embezzlement and seven counts each for conspiracy and obtaining money by false pretense from the same seven investors.
Allegations claim that Dearman
and Gray conspired to fraudulently appropriate a total of $836,000 from the seven investors - who are listed as witnesses in the cases.
Investor/victims in the criminal cases include six area investors and Denise Rosselot, a Florida woman who became acquainted with Dearman
through an acquaintance in Bartlesville.
During that time, Dearman served as senior investment advisor for The Focus Group, a Bartlesville-based consulting firm.
If convicted on the latest charges, Dearman
would be liable for fines of up to $110,000 and/or as much as 180 years imprisonment, according to court documents.
and Gray of raising at least $4.7 million through various fraudulent and illegal transactions, claiming the embezzled money was spent on their personal uses and to pay off other investors in a Ponzi-type scheme.