Tyler, Texas- Insurance Agent Pleads Guilty to $5.4 Million Ponzi Scheme

Tyler, Texas- Insurance Agent Pleads Guilty to $5.4 Million Ponzi Scheme

Tyler, Texas- Insurance Agent Pleads Guilty to $5.4 Million Ponzi Scheme 150 150 Robert Rex, Esq.

November 19, 2015- Tyler, Texas

The FBI announced that Robert B. Hahn of Tyler, TX, pleaded guilty to wire fraud and money laundering in connection with an alleged  fraud he operated from January 2007-February 2015.

According to the pleadings, about 100 people were led to believe that a group of doctors would pay annual interest of 20% on loans and purported investments. The victims periodically received what they believed to be interest payments, but which was actually funded with funds received from other investors. The operation was a classic Ponzi scheme.

Hahn, a 64 year old former insurance agent,  raised over $5.4 million from the investors and returned about $4 million in the form of “interest” payments to investors to give the impression of a legitimate ongoing enterprise.

Hahn faces up to 20 years.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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