A former Fairfield resident has been sentenced to prison after being convicted of investment fraud.
On April 30, 2020, United States District Court Judge Stephanie M. Rose sentenced 67 year old Bruce Arthur Hauptman, formerly of Fairfield, Iowa, to 42 months in prison for three counts of wire fraud. The prison sentences for the three counts will be served concurrently. Additionally, Hauptman has been ordered to serve three years of supervised release after his prison time and pay restitution to all victims in the amount of $2,158,000.
Hauptman pleaded guilty to three counts of wire fraud on November 21, 2019. According to court documents, Hauptman was formerly registered as a securities agent in Iowa and had convinced multiple victims in Iowa and Wyoming to invest in several business entities he had created. Hauptman promised victims repayment of their investment plus interest, but ignored the victims when they attempted to get their money back. An investigation revealed that he had used a significant portion of the invested funds for personal use, without the victims’ knowledge.
The matter was investigated by the Iowa Insurance Fraud Bureau and the Federal Bureau of Investigations (FBI). The case was prosecuted by the United States Attorney’s Office for the Southern District of Iowa.