Ruhl Exec. Pleads Guilty To Fraud - News and Weather For The Quad Cities -

Ruhl Exec. Pleads Guilty To Fraud

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The president and CEO of Ruhl and Ruhl Commercial pleaded guilty to federal wire fraud and money laundering charges on Tuesday, September 17, 2013.

Federal prosecutors say 59-year-old Charles Ruhl, Jr., withdrew funds from several limited liability companies that he managed, including Lincoln Healthcare, Caxton on Bass Street, Biaggi's, and Crow Valley Park.

Ruhl was accused of unlawfully withdrawing about $1.3 million from several of the companies and spending it on personal and business expenses through Ruhl and Ruhl Commercial.

According to the U.S. Attorney's Office, in Aug. 2010, Ruhl directed employees to issue a check made out to him drawn from the Lincoln Healthcare tax escrow account for $47,000. Officials say that check was deposited into his personal account for the purpose of paying property taxes on his vacation home in Michigan. U.S. Attorney's Office spokesman Kevin VanderSchel says since the amount was more than $10,000, the transaction falls under the statute for money laundering. 

Ruhl, Jr. was also accused of directing his financial officers to omit his withdrawals in financial statements. He accepted a plea agreement and faces a sentence of up to two years in jail.

Charles Ruhl, Jr. and NAI Ruhl and Ruhl Commercial Company is not connected to Ruhl & Ruhl REALTORS.

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