Bruce Arthur Hauptman, Wire Fraud, Iowa 2020

DES MOINES, IA – In a shocking turn of events, a former Fairfield resident has been sentenced to prison for a brazen wire fraud scheme that left multiple victims reeling. Bruce Arthur Hauptman, age 67, was handed a 42-month prison sentence by United States District Court Judge Stephanie M. Rose on April 30, 2020.

The prison sentence for the three counts of wire fraud will run concurrently, a stark reminder of the severity of Hauptman’s crimes. In addition to his prison term, Hauptman was ordered to serve three years of supervised release to follow his prison sentence and pay restitution to all victims in an amount of $2,158,000.

Hauptman pleaded guilty to three counts of wire fraud on November 21, 2019. According to court documents, Hauptman was a former registered securities agent in Iowa and convinced multiple victims in Iowa, Wyoming, and elsewhere to invest in numerous business entities Hauptman created.

Hauptman promised the victims the repayment of their capital investment with interest, along with an opportunity to make a greater return on the investment. During the course of the investment period, victims received occasional payments of a portion of the interest due, but when victims attempted to get their money back, Hauptman ignored their requests, or lied to the victims as to the status of their investments.

An investigation revealed that Hauptman used a substantial portion of the funds received by the victims for his own personal use, without the victims’ knowledge, to include his mortgage payments, rent payments, and credit card payments, among other personal expenses.

The investigation into Hauptman’s crimes was a joint effort between the Iowa Insurance Fraud Bureau and the Federal Bureau of Investigation. The case was prosecuted by the United States Attorney’s Office for the Southern District of Iowa.

Hauptman’s sentencing serves as a stark reminder of the harm caused by white-collar crimes. As a community, we must remain vigilant and report any suspicious activity to the authorities. If you or someone you know has been a victim of a similar scheme, please come forward and seek help.

Related Federal Cases