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.
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