Quad Cities Real Estate Developer Pleads Guilty to Investment Fraud Scheme

Posted on June 20th, 2017 at 9:32 AM
Quad Cities Real Estate Developer Pleads Guilty to Investment Fraud Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Rock Island, Illinois, businessman Todd B. Raufeisen, entered guilty pleas to one count each of wire fraud and money laundering in a U.S. District Court in Illinois. According to the charges, Mr. Raufeisen allegedly defrauded investors of $1.7 million in his land development and management projects.

Moreover, in certain court documents, Mr. Raufeisen admitted that from 2010 to August 2016, he engaged in a scheme that defrauded approximately 22 investors in his development projects while engaging in business under various business names, including RDC Hotel Solutions.

Mr. Raufeisen solicited investors by promising them a higher rate of interest than conventional, insured investments and short turnarounds on return of the principle and interest. In addition, Mr. Raufeisen told his investors that their money would be placed in escrow accounts, but instead he used the investors’ money for personal expenses and to pay previous investors to whom he was indebted.

Lastly, Mr. Raufeisen also admitted to forging signatures on promissory notes by persons who knew nothing of the investment and had not guaranteed repayment to the investors.  

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

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