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Real Estate Mogul Faces Fraud Sentencing
DAVENPORT, Iowa (AP) - A commercial real estate developer from a prominent Davenport family is expected to learn how much time he may have to spend in prison for illegally withdrawing $1.3 million from business partnerships he managed.
Sentencing for 59-year-old Charles Ruhl Jr. is scheduled Friday morning at the federal courthouse in Davenport.
Federal prosecutors are asking for a two-year prison term for Ruhl, who pleaded guilty to charges of wire fraud and money laundering.
Ruhl admitted that he unlawfully withdrew $1.3 million from limited liability companies that he managed, which he spent on other business and personal expenses. He covered up the fraud by directing subordinates to omit withdrawals from financial statements.
The former president of Ruhl & Ruhl Commercial is asking for a shorter sentence, noting he's paid the money back.