DAVENPORT, Iowa (AP) - A Davenport commercial real estate agent could face two years of prison for his role in stealing more than $1 million from his clients and using some of the funds for personal use.
Charles Arthur Ruhl Jr. pleaded guilty in September to federal charges of wire fraud and money laundering. A federal government recommendation filed Friday seeks a two-year prison sentence, the Quad-City Times reported (https://bit.ly/1ajzPHw ).
Ruhl, 59, is scheduled to be sentenced next week. He owned and operated Ruhl & Ruhl Commercial, which oversaw the operations of several businesses. Services included the payment of property taxes and documenting cash flow and tax escrow balances.
Prosecutors said Ruhl illegally withdrew funds from accounts he managed and used them for company and personal expenses. That personal use included his daughter’s college tuition and taxes on his vacation home in Michigan.
Ruhl was accused of directing employees to doctor financial statements and other documents, prosecutors said.
The memorandum filed Friday by U.S. Attorney Nicholas Klinefeldt said Ruhl engaged in similar conduct in the past and was undeterred when caught. Between 2006 and 2007, it accuses him of taking about $100,000 from an account without authorization. He was put on notice but he was not criminally charged.
The newspaper reported that Ruhl’s attorney, Leon Spies, declined to comment Friday about the federal recommendation.
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Information from: Quad-City Times, https://www.qctimes.com
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