You are here

Justice News

Department of Justice
U.S. Attorney’s Office
Southern District of Iowa

FOR IMMEDIATE RELEASE
Friday, May 1, 2020

Former Fairfield Resident Sentenced to Prison for Investment Fraud

DES MOINES, IA – On April 30, 2020, United States District Court Judge Stephanie M. Rose sentenced Bruce Arthur Hauptman, age 67, formerly of Fairfield, to 42 months in prison for three counts of wire fraud, announced United States Attorney Marc Krickbaum. The prison sentence for the three counts of wire fraud will run concurrently. Hauptman was ordered to serve three years of supervised release to follow his prison term 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.

This matter was investigated by 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.

Topic(s): 
Financial Fraud
Securities, Commodities, & Investment Fraud
Contact: 
Rachel J. Scherle 515-473-9300 USAIAS-PAO@usdoj.gov
Updated May 1, 2020