Money Laundering Scheme

Money laundering not just a big city crime.

On September 17, 2013, Charles Arthur Ruhl, Jr., age 59, of
Davenport, Iowa, pled guilty pursuant to a plea agreement to one count of wire fraud and one count of money laundering, announced United States Attorney Nicholas A. Klinefeldt.

Ruhl will appear for sentencing at the United States Courthouse in Davenport, Iowa, on a date to be

As part of the plea agreement, Ruhl and the government jointly recommended that Ruhl be sentenced to a term of imprisonment somewhere within the range of one day and
twenty-four months.

From the end of 2008 through early 2012, Ruhl engaged in a scheme and artifice to defraud, by unlawfully withdrawing funds from several limited liability companies that he managed, including Lincoln Healthcare Building, LLC, Caxton on Bass St., LLC, Biaggi’s West
Des Moines, LLC, and Crow Valley Park Venture, LLC. In total Ruhl unlawfully withdrew approximately $1.3 million from these entities’ accounts.

Ruhl then spent the money on Ruhl & Ruhl Commercial expenses and personal expenses. Ruhl concealed his fraud by directing his
chief financial officers to omit his withdrawals from financial statements provided to the investors or to enter false deposits on the statements to offset his withdrawals. These doctored statements showed large cash balances when in actuality the balances were depleted because of Ruhl’s withdrawals.

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