A former East Texas-based insurance agent now faces a federal jail sentence for the commission of a multi-million dollar Ponzi scheme.
Former Tyler-area insurance agent Robert B. Hahn admitted to devising “a scheme to defraud and obtain money from many different individuals” under fraudulent pretenses from 2007 to 2015, according to a November 2015 factual statement he personally signed. A plea agreement was also set with the defendant at the time. Hahn was sentenced to a three years in prison and will be allowed to self-surrender to U.S. Marshalls assigned to the matter, according to court documents obtained by Breitbart Texas.
Hahn admitted to claiming to represent a collection of physicians hoping to raise capital for the construction, outfitting and debt payments for a medical center, where investors would see annual interest rate returns of 20 percent on money lent. All told, 94 individuals had fallen into the scheme, contributing more than $5,475,000 over the eight-year period. The effort returned more than $4 million total, labeled as “principle” or “earnings” payments to 31 participants. The joint Internal Revenue Service and FBI investigation also found that 66 others saw a combined total, net loss of $1.75 million. Court records note that no actual doctors played a part in the scheme.
The Tyler man was charged with violating 18 U.S.C. § 1343 (Wire Fraud) and 18 U.S.C. 1957 for engaging in money laundering. Hahn’s monetary gains and the proceeds from the sale of his home and legitimate business assets are subject to criminal forfeiture, according to docket entries entered in April. A plea agreement originally made in November remains sealed in the court record.
Robert Hahn founded his independent, family insurance agency in 1974, offering a variety services to include worker’s compensation, dental, group, individual and life policies. Archives of the now-shuttered robertbhahn.com claim previous affiliations with Blue Cross Blue Shield of Texas and MetLife.
Hahn’s case was handled by Judge Michael H. Schneider, a George W. Bush appointee, in the United States District Court for the Eastern District of Texas, Tyler Division. Copies of key court documents obtained by Breitbart Texas have been made available below.
Logan Churchwell is a founding member of the Breitbart Texas team. You can follow him on Twitter @LCChurchwell.
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