Robert Bykrit Morley Jr., a former Jackson-based investment adviser, has been ordered to pay $700,000 restitution to the heirs of an elderly couple he stole money from.
In August 2019, Morley pleaded no contest to one count of conducting a criminal enterprise, a felony that can carry a 20-year sentence. Terms of his plea bargain stated that he would repay the victim's heirs through a combined $700,000 restitution order.
“When people, particularly seniors, choose to invest their hard-earned money, they shouldn’t have to worry about whether they’ll get cheated by their advisers, those who are supposed to be good stewards of their financial futures," Michigan Attorney General Dana Nessel said in a press release. "Michigan families deserve better, and I’m pleased Mr. Morley has been ordered to repay the victims all the money he stole for his own personal gain.”
As reported to the attorney general's office, Morley stole from the couple between 2007 and 2014; the couple was introduced to Morley by their nephew in the late 1990s and developed a close relationship with Morley, enough to trust him with their life savings. Morley's misdeeds were discovered when the trustee and heirs of the couple's estate made attempts to collect funds after the couple's deaths.
The complaint was first fielded by the Michigan Department of Licensing and Regulatory Affairs who took action against Morley with a cease and desist order, and was then referred to the Michigan Department of the Attorney General.
“Our LARA investigators led the way in exposing this crime and we are pleased to see that the court ordered Mr. Morley to fully repay the victims,” said LARA Director Orlene Hawks in the release. “LARA is committed to taking appropriate action against licensees who take advantage of people’s trust; we truly appreciate the hard work of Attorney General Nessel and her team on this case.”
Morely was sentenced to four to 20 years imprisonment with credit for time served, and has repaid part of the money per the terms of the settlement
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