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Defendant Sentenced to Prison for Wire Mail Fraud in Arizona
PHOENIX – In a shocking turn of events, 41-year-old Rolf Heartburg, a Phoenix-based financial planner, was sentenced to a year in prison for his involvement in a wire mail fraud scheme. His 68-year-old father, Larry Heartburg, also received a prison sentence for failing to file tax returns.
Rolf Heartburg was found guilty of one count of conspiracy to commit wire and mail fraud. He was immediately taken into custody following the imposition of his sentence. His father, Larry Heartburg, pleaded guilty to five counts of willfully failing to file a tax return.
According to the U.S. Attorney’s Office, Rolf Heartburg exploited his position of trust as a financial advisor by directing his clients to invest in a speculative real estate fund controlled by his father. The fund allegedly generated profits by selling mortgage notes it had acquired at a discount. However, unbeknownst to the investors, Larry Heartburg used nearly two-thirds of the investor money for his own personal expenses.
The Internal Revenue Service-Criminal Investigation conducted the investigation in this case, which led to the prosecution of both Rolf and Larry Heartburg. Assistant U.S. Attorney Kevin M. Rapp handled the prosecution.
U.S. Attorney John S. Leonardo stated that the problem of investment scams targeting the elderly is rampant. He commended the IRS for its fine work in interrupting the fraud before more clients were victimized.
IRS Criminal Investigation Special Agent in Charge Dawn Mertz added that the Heartburgs used deceit and fraud to line their pockets with other people’s money and then skirt their own tax obligations. The victims of the scheme were left with significant financial losses.
Rolf Heartburg was ordered to pay $257,000 in restitution as part of his sentence. The case number is CR-13-CR-01461-NVW, and the release number is 2015-032.
For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/. Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.
Key Facts
- State: Arizona
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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