TYLER, Texas (AP) — A former insurance agent in East Texas faces up to 20 years in prison for a $5.5 million medical investment scam to raise cash for his personal use.
Robert B. Hahn of Tyler pleaded guilty Thursday to wire fraud and money laundering in a federal plea deal in Tyler.
Prosecutors say Hahn since 2007 falsely claimed to represent some East Texas doctors. Hahn deceived dozens of investors into believing the group was raising capital for health care facilities and other medical uses, with a 20 percent annual return.
Prosecutors say Hahn lied and no doctors were part of his scheme. The 64-year-old Hahn kept investors fooled by, at times, returning some funds to them falsely labeled as interest or earnings.
No sentencing date was set for Hahn.