Former insurance agent Robert B. Hahn pleaded guilty to the charges on Thursday (November 19) in a Tyler, TX federal plea deal.
According to prosecutors, Hahn has fraudulently claimed he was representing some doctors in East Texas since 2007. Hahn was also found to have misled investors into joining a scam that supposedly raised capital for healthcare facilities and other medical ventures, promising a 20 percent annual return.
Prosecutors said that even though no doctors were actually part of his scheme, Hahn ensured the investors’ continued participation by occasionally returning some money to them and falsely labelling the funds as interest or earnings.
Hahn appropriated the $5.5 million raised in the scam for his personal use, prosecutors added.
No sentencing date has been set as of press time.
