High-Living New Hampshire Advisor Charged With Taking $1.9 Million From A Client

Sunday, June 26, 2011 23:52
edit
High-Living New Hampshire Advisor Charged With Taking $1.9 Million From A Client

Tags: fraud

A once-affluent advisor has been stripped of his remaining licenses, had his mansion repossessed, and now faces federal charges for allegedly defrauding one client in particular of nearly $2 million.

This Website Is For Financial Professionals Only


 

Kurt Hahn used to be a rep at Oppenheimer, but was let go in March after New Hampshire regulators told the firm that he was trying to route the business of at least one client through secret channels.

 

Moreover, the attempt to sell the business away from Oppenheimer was allegedly part of a scheme to defraud the client of $1.9 million by claiming that the money would be invested in local real estate.

 

According to federal prosecutors, the money might well have been earmarked for local property -- but only in the form of Hahn's own 7,900-square-foot mansion.

 

Hahn reportedly moved the client's money through his father's bank account to avoid scrutiny.

 

Now his home is the subject of a tug-of-war between the mortgage holder, which Hahn owes $2.3 million, and the IRS.

 

A federal trial is scheduled to start in mid-August.

 

 

Comments (0)

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy