Man Pleads Guilty to $5.4M Texas Investment Fraud

Robert B. Hahn has pled guilty to wire fraud and money laundering in a $5.4M Texas financial fraud that bilked about 100 investors. He faces up to 20 years behind bars.

According to information presented before the judge, from 1/07 to 2/15, Hahn, who was an insurance agent, claimed to represent doctors in Tyler, Texas that were supposedly raising funds for the construction and renovation of health care facilities, debt retirement, and the purchase of medical equipment. Investors were told that the doctors would pay a 20% yearly interest rate on investments and loans.

Instead, Hahn took investors’ money and deposited them into his personal accounts or his insurance business. He would make cash “interest” payments to investors. This money was supposed to be a 20% return on the fake investments or loans when, in truth, the funds were, in Ponzi scam-like fashion, coming from the money given to him by other investors.

Hahn has since admitted that the group of doctors never existed and he fabricated the investment opportunity to get money from investors.

In another Texas securities case, a Dallas County jury awarded two investment firms $5.45M after they found that Southwest Securities Inc. sought to bilk lenders and investors out of millions of dollars.

According to jurors, real estate developer Stephen Jemal and Southwest sought to defraud two Texas partnerships by misrepresenting how much his Southwest Holdings were worth. Plaintiffs SSST Riviera Investments Ltd. and Gerritsen Beach Investments Ltd. contended that they, along with other investors and lenders, depended on the fake brokerage account statements that were tied to actual Southwest accounts.

Evidence at trial showed that Southwest used these doctored brokerage statements to to deceive investors and lenders. Southwest Securities is now Hilltop Securities.

Our Texas securities fraud lawyers are here to help investors recoup their losses. Contact Shepherd Smith Edwards and Kantas, LTD LLP today.

Former Texas Agent Pleads Guilty In $5.4M Fraud, Insurancenews.net, November 23, 2015