A Scottsdale man has been sentenced to eight years in prison for his role in a multi-million dollar investment fraud scheme, according to the U.S. Attorney’s Office for the District of Arizona.
David Allen Harbour, 50, was sentenced on Tuesday by United States District Judge Douglas L. Rayes to eight years in prison. Harbour was convicted of wire fraud and transactional money laundering after a five-week trial in March 2023.
Harbour, who acted as a self-styled investment advisor, defrauded numerous investors between 2007 and 2021, causing losses exceeding $8 million. He misrepresented the nature of the investments and omitted material facts, according to the evidence presented at trial.
Harbour used the money to fund a lavish lifestyle, including private country club memberships, expensive jewelry, multimillion-dollar vacation residences, private jet travel, speed boats, luxury vehicles, and extravagant parties, including a private concert by the Eagles at his 40th birthday party.
The government seized several items, including a Patek Philippe watch, a Rolex watch, gold and diamond jewelry, and two country club memberships, which will be used towards partial restitution for the victims.
Harbour also pleaded guilty to tax evasion, agreeing that he evaded more than $4 million in taxes.
“The defendant will have eight years in federal prison to reflect on his long-term pattern of deception,” said U.S. Attorney Gary Restaino. “Justice for the victims continues, as we work to determine the final amount of restitution, and to use the forfeited assets to restore some of the losses.”
This case was investigated by the Internal Revenue Service (IRS)-Criminal Investigation and the Federal Bureau of Investigation. Assistant U.S. Attorneys Kevin M. Rapp and Coleen Schoch handled the prosecution.
Defendant: David Allen Harbour
Criminal Charges: Wire fraud, transactional money laundering, tax evasion
City and State: Scottsdale, Arizona
Date: March 7, 2023
Sentence: 8 years in prison
Amount: $8 million in losses, $4 million in taxes evaded
Related Federal Cases
- David Allen Harbour, Wire Fraud and Transactional Money Laundering, Arizona 2023 · Idaho
- Tucson Man, Real Estate Investment Fraud, Arizona 2023 · Arizona
- Willie Mitchell, Bank Fraud, Arizona 2023 · Puerto Rico
- David Prescott, Wire Fraud, Boston MA, 2023 · Arizona
- UCXtra Umbrella LLC, Health Care Billing Fraud, Arizona 2024 · Arizona
Key Facts
- State: Arizona
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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