A Rockford area financial planner has pleaded guilty to a financial scheme which defrauded his investors of hundreds of thousands of dollars.
Federal prosecutors say 63-year-old Charles R. Hansen steered his clients at Senior Securities of Rockford LLC and Chicago Wealth Partners LLC from safe fixed annuities into risky real estate investments he promised them would provide a higher rate of return while promising them the investments would remain secure.
They did not. Instead, prosecutors allege Hansen used the investments to rehab and sell homes in the Rockford and Chicago areas, submitting to investors promissory notes for funds he knew he did not have in the process. In the end, they say his investors paid $842,150 but only $109,792 was returned to them.
Hansen faces a maximum sentence of 20 years’ imprisonment, a fine of twice the gross loss as well as full restitution. No word yet on a sentencing date.