Grimy Times has learned that Robert Narvett, a 56-year-old man from Appleton, Wisconsin, has been charged with defrauding investors out of over $1.5 million.
According to an 11-count indictment unsealed in federal court, Narvett allegedly promised his victims that he could invest their money and return it with significant interest and dividends. However, Narvett used the money to fund his own lifestyle and make payments to other victims.
The indictment also alleges that Narvett applied for and obtained loans from financial institutions in his victims’ names without their authorization.
Narvett faces a maximum sentence of up to 20 years in prison for each of the four wire fraud counts and five money laundering counts. He also faces a maximum sentence of 30 years in prison for the bank fraud count and a mandatory minimum sentence of two years in prison for the aggravated identity theft count.
Narvett was previously charged by the Securities and Exchange Commission in 2013 for engaging in a fraudulent investment scheme. He was ordered to pay a judgment of $654,583.92 in 2014.
The Federal Bureau of Investigation investigated the case, which Assistant United States Attorneys Julie F. Stewart and Daniel Humble will prosecute.
Robert Narvett is presumed innocent and is entitled to a fair trial at which the government must prove guilt beyond a reasonable doubt.
Contact Public Information Officer Kenneth Gales at Kenneth.Gales@usdoj.gov or (414) 297-1700 for further information.
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Key Facts
- State: Wisconsin
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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