A Granite City financial consultant pleaded guilty Monday to fraud charges accusing him of bilking investor clients of $1.5 million.
Douglas J. Kiffmeyer, 45, pleaded to a 17-count federal indictment that charged wire fraud, failure to file individual and corporate income tax returns and money laundering, the Office of the U.S. Attorney for the Southern District of Illinois said.
Kiffmeyer was a retirement planner, financial consultant and tax advisor. He operated businesses under the names of Modern Retirement Professionals and Kiffmeyer Tax Advisory Group Inc.
He solicited funds from clients for personal investments and made personal expenditures with investor funds that totaled approximately $1.5 million. Very little of the investor funds were ever used for their intended purpose, with most of the funds going to pay for Kiffmeyer’s personal expenses. None of the money received was reported by Kiffmeyer as income to the corporation or as personal income to the Internal Revenue Service, the U.S. attorney office said in a release.
Sentencing is scheduled for Nov. 10. The charges against Kiffmeyer were the result of an investigation conducted by the Illinois Securities Department and the Internal Revenue Service Criminal Investigation division.