A 64-year-old former Texas insurance agent has pleaded guilty to wire fraud and money laundering, federal prosecutors say, and faces up to 20 years in prison for what amounted to a Ponzi scheme.
U.S. Attorney John M. Bales Eastern District of Texas announced that Robert B. Hahn, of Tyler, pleaded guilty on Nov. 19 to falsely obtaining nearly $5.5 million from investors.
Prosecutors say from January 2007 to February 2015 Hahn claimed to represent a group of doctors in Tyler who were raising capital for debt retirement, construction of, or improvements to, health care facilities, and medical equipment purchases. He led approximately 100 people to believe they would receive an annual interest rate of 20 percent on their loans or investments. He deposited the funds into his insurance business or personal checking accounts and periodically made “interest” payments to investors that represented a 20 percent return, using funds received from other investors.
Hahn collected approximately $5,479,600 from individual investors, according to prosecutors. During relevant time period, he returned or distributed approximately $4,072,470, to some of the individuals in the form of returned “principle” and “interest” or “earnings”.
A sentencing date has not been set.
According to Texas Department of Insurance, Hahn had been a general lines licensed insurance agent in Texas since 1978.
This case was investigated by the Federal Bureau of Investigation, Tyler Office, the Internal Revenue Service, Criminal Investigations Division, the Texas State Securities Board, and prosecuted by Assistant U.S. Attorney Jim Noble.
Source: U.S Attorney’s Office, Eastern District of Texas
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