Springfield man pleads guilty to investment fraud scheme
SPRINGFIELD (AP) - A Springfield man pleaded guilty to an investment fraud scheme that cost three victims more than $1.1 million.
Federal prosecutors say 53-year-old Christopher Hanson pleaded guilty Monday to wire fraud and money laundering. He owns Hanson Holdings, LLC.
Hanson told two victims he would use their money to buy a collateralized mortgage obligation and obtain a line of credit that would pay a substantial dividend within months. Hanson told the third victim he would buy bonds and securities with his $100,000 investment, and the investment would generate a 250 percent return.
Prosecutors said Hanson put the investors' money into his personal bank accounts, either to pay other investors or unrelated expenses.
He faces up to 30 years in prison, a $500,000 fine and restitution.