Scottsdale Man Convicted of Investment Fraud
PHOENIX, Ariz. – Last week, David Allen Harbour, 49, of Scottsdale, Arizona, was found guilty by a federal jury on six counts of Wire Fraud and 11 counts of Transactional Money Laundering. On Tuesday, Harbour pleaded guilty to one count of Tax Evasion, which resolved two pending trials scheduled for later this month. Sentencing is scheduled for June 5, 2023, before United States District Judge Douglas L. Rayes.
Harbour acted as a self-styled investment advisor who defrauded numerous victims between 2007 and 2021. The total loss to investors exceeded $20 million, which Harbour diverted to fund his lavish lifestyle. Harbour’s extravagant expenditures included: private jet travel; country club memberships in Arizona, Coeur d’Alene, Idaho, and Cabo San Lucas, Mexico; million-dollar speedboats; stays at luxury hotels; expensive jewelry; and a private 40th birthday concert by the Eagles.
“For his brazen lies that defrauded numerous victims out of more than $20 million, the defendant now justifiably faces the potential of a lengthy prison term,” said United States Attorney Gary Restaino. “The U.S. Attorney’s Office is committed to deterring investment fraud and holding wrongdoers accountable to help protect our citizens’ financial security and to vindicate the tireless efforts of our law enforcement partners.”
This case was investigated by the Internal Revenue Service Criminal Investigation and the Federal Bureau of Investigation. Assistant United States Attorneys Kevin M. Rapp and Coleen Schoch, District of Arizona, Phoenix, handled the prosecution.
CASE NUMBER: CR-19-00898-PHX-DLR (DMF)
RELEASE NUMBER: 2023-030_Harbour
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