(From the U. S. Attorney for the Western District of Missouri)A Springfield, Mo., man pleaded guilty in federal court today for his commission of a scheme of wire fraud and money laundering that involved fraudulent embezzlement of the retirement funds of his clients. This is one of many federal fraud cases pursued under the leadership of President Donald Trump and through the establishment of the Task Force to Eliminate Fraud.
Bob Hunter, 72, pleaded guilty before U.S. Magistrate Judge David P. Rush, to one count of wire fraud and one count of money laundering.
According to the plea agreement, Hunter, working as an investment and retirement professional in the Springfield, Mo. area, promoted various retirement programs, including Supplemental Executive Retirement Plans (SERP). Hunter would promote the use and administration of SERPs to area executives who could invest their money with an eye toward building an investment retirement account that would be available for an investor during their retirement years. Instead of utilizing the monies he received from his clients to invest in their individual retirement accounts, Hunter utilized those monies for his own personal expenses.
In total, $373,230.50 in intended retirement funds were embezzled by Hunter from his clients. Hunter’s clients only became aware of his fraud after realizing that he was misleading them with false investment reports that claimed they had money in their investment accounts that never truly existed, known as “lulling” letters or documents. These lulling letters and documents significantly delayed investors from reporting the fraud to law enforcement and even attempted to conceal the nature and scope of Hunter’s true embezzlement.
Under federal statutes, Hunter is subject to sentences of up to 20 years in federal prison without parole and a maximum fine of $250,000 for Count One, Wire Fraud, and up to 10 years in federal prison without parole and a maximum fine of $250,000 for Count Two, Money Laundering. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.
This case is being prosecuted by Assistant U.S. Attorney Patrick Carney. It was investigated by the IRS-CI and the FBI.
1 comment:
Is there any recourse for those of us who were swindled ???
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