In the following press release Montgomery County District Attorney Risa Vetri Ferman and Montgomery Township Police Chief Richard J. Brady announce the arrest of Lawrence L. Harris, Jr. (pictured below) in connection with Theft by Unlawful Taking or Disposition, Theft by Deception, Receiving Stolen Property, PA Securities Act Violations and other related Crimes that occurred within Montgomery Township, Montgomery County.

From February to April 2007, twelve individuals, all of whom were firefighters with the Philadelphia Fire Department, invested a minimum of $2,500.00 with Larry Harris, Jr., who was doing business as Victoria Capitol Funding. Harris, who was not a registered or licensed investment advisor, promised to buy tax foreclosed properties at very low prices and “Flip” the properties. Harris promised that within 6 months the properties would be “Flipped” and the investors would see a return of $15,000.00 per $2,500.00 invested or would have their investment of $2,500.00 returned in full. As of January 2008, HARRIS did not provide any of the investors with their profits or return their investments. When confronted by the investors, Harris and his attorney claimed that Harris re-invested the firefighters’ proceeds with Gaddel Enterprises, which is a defunct business that was closed down by Federal Authorities.

The Montgomery Township Police Department and the Montgomery County District Attorney’s Office determined that HARRIS never made any investments with Gaddel Enterprises. At the same time Harris claimed to make these investments with GADDELL Enterprises, Harris made large expenditures for personal reasons, such as shopping bills, travel expenses, vehicle payments, and health club memberships.

On May 22, 2008, Magisterial District Judge Kenneth E. Deatelhauser approved the criminal complaint charging Harris with Theft by Unlawful Taking or Disposition, Theft by Deception, Receiving Stolen Property, PA Securities Act Violations and other related crimes. On May 28, 2008, Magisterial District Judge David Keightly arraigned Harris and set his bail in the amount of $25,000 unsecured bail. The Chief of the Economic Crime Unit, Assistant District Attorney Robert J. Sander, is assigned to prosecute the case.

Update on Monday, June 8, 2009 at 11:33AM by The Editor - Ian Shuter - ACFE, DMS

The Times Herald reports that on Thursday June 4th 2009 Harris was convicted in the Montgomery County Common Pleas Court after a three day jury trial.

Read the full article here [link] [PDF]