SPRINGFIELD, MO—Tammy Dickinson, United States Attorney for the Western District of Missouri, announced that a Springfield, Mo., man pleaded guilty in federal court today to a more than $1.1 million investment fraud scheme.

Christopher Hanson, 53, of Springfield, waived his right to a grand jury and pleaded guilty before U.S. Magistrate Judge David P. Rush to a two-count information that charges him with wire fraud and money laundering. Hanson is the owner of Hanson Holdings, LLC.

By pleading guilty today, Hanson admitted that he was responsible for losses that totaled $1,134,500 for three victims of his investment fraud scheme.

Hanson offered the three victims what he described as “an investment opportunity.” Hanson told two of the victims that he would take their investment monies and purchase a collateralized mortgage obligation (CMO). Hanson claimed that a line of credit would be obtained against the CMO and both victim investors would receive their original investment plus a substantial dividend within months. Hanson told the third victim that he would purchase bonds and securities with his $100,000 investment. Hanson claimed this investment would generate a 250 percent return and that the victim investor would receive double his original investment within 40 weeks.

According to today’s plea agreement, financial records revealed that none of the monies obtained by Hanson or Hanson Holdings from these three investors were used to purchase securities or a CMO as Hanson had promised. Agents determined that Hanson authorized the release of the investors’ monies from his Scottrade Account, ETrade Account, or StockCross Account, into his personal bank accounts. The monies were then used to either pay other investors or pay expenses that were completely unrelated.

Under federal statutes, Hanson is subject to a sentence of up to 30 years in federal prison without parole, plus a fine up to $500,000 and an order of restitution. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

This case is being prosecuted by Assistant U.S. Attorney Patrick Carney. It was investigated by the FBI and IRS-Criminal Investigation.