Robert Haveman Sentenced To 42 Months In Prison For Stealing From The Elsa D. Prince Living Trust
Haveman Ordered to Pay $11,082,666.00 in Restitution
GRAND RAPIDS, MICHIGAN — Robert Allen Haveman, 68, of Ottawa County, Michigan, was sentenced to 42 months in federal prison after pleading guilty to wire fraud and money laundering in connection with his theft of more than $16 million from the Elsa D. Prince Living Trust ("Prince Trust"). Additionally, Haveman was ordered to repay more than $11 million to the Prince Trust after having already repaid more than $5 million to the Trust before the sentencing hearing. After his release from prison, Haveman will spend three years on supervised release. U.S. District Judge Robert Holmes Bell imposed the sentence today.
Earlier this year, Haveman admitted engaging in a scheme to defraud the Elsa D. Prince Living Trust between 1999 and 2015 and engaging in money laundering using some of the fraudulent proceeds. Haveman previously entered guilty pleas to two felony charges alleging that, while employed by EDP Management Company ("EDP") in Holland, Michigan, he devised a scheme to defraud to obtain money belonging to Elsa D. Prince-Broekhuizen and Prince Trust. As part of his fraud scheme, Haveman, who primarily managed private equity investments for EDP, transferred money belonging to Ms. Prince-Broekhuizen and the Prince Trust to his personal bank account and other bank accounts for his personal use and undisclosed investment activities. Haveman caused false entries to be made in the books and records of EDP to disguise his theft of money, and made material misrepresentations to and concealed material facts from Ms. Prince-Broekhuizen and others. Haveman admitted to money laundering in connection with his purchase of vacant land with Lake Michigan frontage in Ottawa County using Prince Trust funds.
The United States secured the repayment of approximately $5 million to the Prince Trust prior to sentencing, which included but was not limited to, the liquidation of Haveman’s entire retirement account and the transfer of the vacant lakefront property to the Prince Trust. Additionally, the United States obtained a forfeiture money judgment in the amount of $11,082,666.00 to ensure that, should Haveman ever gain legal title to any money or property in the future, the government will immediately seize those funds.
Internal Revenue Service Criminal Investigation investigated the matter and Assistant U.S. Attorney Christopher O’Connor prosecuted the case.