December 26, 2014

Davenport businessman sentenced on wire fraud, money laundering charges

A Davenport real estate developer has been sentenced to one year and one day in prison for embezzlement. Court records showed that 59-year-old Charles Ruhl Junior  embezzled over $1.3-million between 2008 and 2012 from four companies he managed. He used the money to pay the property tax on his vacation home, for real estate investments and college tuition for his daughter.

Ruhl covered up his theft by having his employees create fake financial statements for the companies. He was sentenced to the prison time for wire fraud and money laundering and was also ordered to pay a $144,000 fine. Ruhl’s personal use of the money was discovered in May of 2012 and over the next 18 months he paid it all back.