A former Dubuque investment banker was sentenced to more than 11 years in prison Monday on fraud charges, and ordered to pay nearly four million dollars back to 112 victims.
Forty-six-year-old John Finn had pleaded guilty last month to ten counts of mail fraud. Finn admitted that he defrauded his victims by convincing them to loan and invest money as he directed, by falsely telling the victims that the loans and investments were safe and secure with a fixed rate of return.
However, Finn knew the loans and investments were not safe and concealed that fact from his victims. The investments either were directed to high-risk business ventures, which would earn Finn a commission, or the money was pooled into one of Finn’s investment accounts. Finn then used the pooled funds to invest in high-risk ventures and repay other victims. He also used interest payments for his own benefit.
Noting that many of the victims were elderly and saving money for retirement, Judge Linda Reade concluded Finn’s actions resulted in “Broken hearts and broken promises.”