Suburban St. Louis man convicted of defrauding investors
ST. LOUIS (AP) — A suburban St. Louis man has been convicted of fraud charges for a scheme that cost investors nearly $300,000.
A federal jury on Thursday found 45-year-old Robert S. Beyer of Kirkwood guilty of wire fraud and money laundering. Sentencing is set for Dec. 7.
Beyer's attorney was reached for comment on Friday, but the call was not immediately returned.
Federal prosecutors said Beyer developed a fraudulent company known as Heroic Life Assurance Co. and solicited clients with promises of high returns. In fact, the U.S. Attorney's office says Beyer spent the investment money on things such as car repairs, child support and dating services.