A Houston man faces up to 20 years in prison after pleading guilty in a Beaumont federal
courtroom yesterday for mail fraud. 67-year old Lawrence Allen DeShelter, a certified
financial planner solicited funds from clients by convincing them they could see higher
returns if they allowed him to invest it. He then deposited the money into his own personal
account. He fraudulently obtained nearly two million dollars from five clients, including two
from the Jefferson/Orange county area. Sentencing date has not been set.