A Rockford man was sentenced to 36 months in federal prison on Wednesday for mail fraud.
Charles R. Hansen, 63, pleaded guilty to the charge on September 12, 2017 and admitted that he schemed to defraud investors out of $700,000.
According to the plea agreement, Hansen operated financial planning and real estate companies, including Senior Securities of Rockford LLC and Chicago Wealth Partners LLC from 1996 to 2014, and encouraged his investors to move their money to make a higher rate of return on their investment. Hansen then used the money to flip homes in the Rockford and Chicago areas.
Hansen failed to disclose that Senior Securities and Chicago Wealth Partners were failing and lacked funds to repay the investors.
In the end, Hansen caused investors to invest approximately $842,150 and only $109,792 was repaid.
Hansen was ordered to pay $739,705 in restitution in addition to his 36 month prison sentence, followed by 2 years of supervised release.