ALEXANDRIA, La. ( WNTZ ) – The owner of a Rapides Parish retirement investment management firm has pleaded guilty to stealing over $3 million from clients, authorities said.

United States Attorney Brandon B. Brown announced that Jerry O. Pearson, 61, pleaded guilty in federal court to one count of wire fraud.

Prosecutors said Pearson transferred $3,431,152.21 in client funds to other accounts he controlled. Pearson then used the funds for himself, as well as the benefit of his family and other companies that he controlled. In order to keep the scheme from being detected, Pearson would misrepresent to clients that he was investing the funds as they had directed, when, in fact, he was taking the money, authorities said.

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Pearson, the owner/operator of Mid South Retirement Services in Boyce, managed Self Directed Individual Retirement Accounts. Mid South served as the custodian of Self-Directed IRAs from 2012 to 2021 and managed approximately $40,000,000 in assets.

Pearson faces a sentence of up to 20 years in prison, 3 years of supervised release, and a fine of up to $250,000. The sentencing hearing for Pearson has been scheduled for Dec. 3.

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