The office of U.S. Attorney John M. Bales of the Eastern District of Texas on April 19 announced that Robert Hahn, a former insurance agent in Tyler, was sentenced to three years in federal prison for wire fraud and money laundering.
Hahn collected $5.4 million from investors who were promised outsized returns from investments in healthcare facilities and medical equipment.
Hahn falsely told approximately 100 individuals, many of whom lived in and around Smith County, that he represented a group of physicians in Tyler who were raising capital for retiring debt, building new healthcare facilities and improving existing ones, and for medical equipment purchases. Investors were supposed to be paid by the doctors' group.
According to the U.S. Attorney's Office, "Hahn told potential 'investors' that the group of doctors he represented would pay an annual interest rate of 20% on their loans or investments. "
Hahn deposited investor funds in his personal checking accounts or into his insurance business. He "would periodically make 'interest' payments, in cash, to investors, representing a 20% return on the fictitious loans or investments, utilizing funds he had derived from earlier investors."
Hahn pleaded guilty to the charges on Nov. 19, 2015.
The case was investigated by the FBI Tyler Office, the IRS Criminal Investigations Division, the Texas State Securities Board, and prosecuted by Assistant U.S. Attorney Jim Noble.