DAVENPORT, Iowa (AP) — A Davenport commercial real estate agent has pleaded guilty to federal charges of wire fraud and money laundering for his role in stealing more than $1 million from his clients.
U.S. Attorney Nicholas Klinefeldt in Des Moines says in a news release that 59-year-old Charles Arthur Ruhl Jr. entered the guilty pleas on Tuesday. In exchange, prosecutors agreed to recommend Ruhl be sentenced to no more than two years in federal prison.
Prosecutors say Ruhl illegally withdrew funds from accounts of businesses he managed and used them for personal expenses, and directed his employees to doctor financial statements and other documents to cover up his crime.
Prosecutors say he took $1.3 million from clients’ accounts over a three-year period.