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$2 Millon Fraud Scheme Lands Former NH Investment Adviser Behind Bars


While living in New Hampshire, Karl Edward Hahn ... He then allegedly went on to say the "loan" would be secured by three pieces of residential real estate, one owned by each of the three borrowers, which were all unencumbered and which collectively ...


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NewsCaring & Sharing DriveNew HampshireCrimeAnimals/PetsTop NewsWeird/Strange/HumorNational/VideoMaineMassachusettsVermontPop CultureHealth/MedicalConsumer RecallsWorld/InternationalLocal EventsAboutNews ArchivesWeatherDiningNH1 MotorsRadio 105.5 JYY NH's #1 Hit Music StationWFNQ 106.3 FrankWNHW 93.3 The WolfWXLF 95.3, 107.1 The WolfWLNH 98.3 Big VarietyWBYY 98.7 The BayWTSN 98.1 News & TalkWNNH 99.1 - True OldiesWTPL 107.7 The PulseWEMJ 107.3 Local News, Talk & SportsNew VideoPoliticsHS FootballBishop Guertin vs MerrimackEpping/Newmarket vs SomersworthSpaulding vs Portsmouth Londonderry vs PinkertonBow vs PlymouthDollar Saver     $2 Millon Fraud Scheme Lands Former NH Investment Adviser Behind Bars Written by NH1 News on November 8, 2017 6:34 pm.   CONCORD — A former New Castle man will spend 18 months in prison for participating in a wire fraud scheme that defrauded a victim of approximately $2 million. READ: FORMER NH INVESTMENT ADVISER PLEADS GUILTY TO DEFRAUDING VICTIM OF $2 MILLION   While living in New Hampshire, Karl Edward Hahn, 44, and currently of Manchester, Connecticut, worked as an investment adviser at investment banks in Portsmouth. Starting as early as March of 2009 and continuing until July of 2010, he invited one of his investment clients to join him in what he referred to as an "off the books" investment, court record readHahn told the victim that he and the victim would each contribute about $2 million, which Hahn would then loan to three individuals who would repay the money within 90 days with interest substantially above market ratesHe then allegedly went on to say the "loan" would be secured by three pieces of residential real estate, one owned by each of the three borrowers, which were all unencumbered and which collectively had a value far in excess of the approximately $4 million loan. Hahn told the victim that no one could know about the investment, including the Hahn's employer, because he was not allowed to enter into financial dealings with clients other than through his employment, court documents showedIn order to prevent his employer from learning of the “off the books” transaction, Hahn asked the victim to transfer the money into a bank account held by one of Hahn’s relatives and that Hahn would then get the money from his relative. The victim agreed and transferred to Hahn’s relative’s account, in separate transactions, $300,000, $1,600,000, $100,000, and $35,000, totaling $2,035,000. Hahn allegedly admitted that the entire story of landowners wanting to borrow money was false, that there never were three landowners who wanted to borrow money collateralizing the loans with deeds, and that loans were never made to any landowners using the victim’s moneyHahn simply used the victim’s money to pay personal expenses, according to court recordsIn 2011, the New Hampshire Bureau of Securities Regulation barred Hahn from being licensed to sell securities. Officials said Hahn also admitted that during the course of executing the scheme, he made additional materially false representations to the victim that lulled him into a false sense of security and caused him to temporarily refrain from reporting his dealings with Hahn to law enforcement authoritiesThose false statements included that the supposed borrowers had defaulted on the loans; that as a result of the alleged defaults, Hahn had possession of the deeds to the supposed borrowers’ properties; and that Hahn had communicated with a hedge fund so the hedge fund could buy the properties, thereby resulting in the return of the victim’s money with interestHahn also later falsely represented to the victim that he had been successful in working with the supposed hedge fund and that he was confident that the victim would have his money back by early August of 2010.  Hahn pleaded guilty to the charged Aug1He will begin serving his sentence Dec4   window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-b', container: 'taboola-below-article-thumbnails--homepage', placement: 'Below Article Thumbnails- Homepage', target_type: 'mix' });Comments (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = '//connect.facebook.net/en_GB/all.js#xfbml=1&appId=275653362547695'; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));   Trending Now on NH1.Com ‘Your Baby is Going to Cook’: Accused Pet Killer’s Husband Says Ferret Owner Threatened Unborn Child Shared by NH1 News Police: NH Man Impersonates Officer to Break Up What He Thought Was Sex Trafficking Shared by NH1 News WATCH: Police Takedown of Screaming Teen in NH Library Raises Questions of Brutality Shared by NH1 News Police: NH Woman Uses Wrong Lane to Turn, Seriously Injuring Motorcyclist Shared by NH1 News   NM.init({ widgetId: "_RT-zc6vmsdKPymEllBHXWgZn_xb3xElw-MMyc4o", template: "NM05" });   NM.init({ widgetId: "fjxm2B8TK1Uh_hQLf4HgD0IM_LjVpvpSb4DKnizk", template: "NM07" }); NH1 News About Us Advertise Weather Alerts Sitemap Employees Follow us on NH1 Radio Stations 105.5 JYY NH's #1 Hit Music StationWFNQ 106.3 FrankWXLF 95.3, 107.1 The WolfWNHW 93.3 The WolfWLNH 98.3 Big VarietyWBYY 98.7 The BayWFNK 107.5 FRANKWTSN 98.1 News & TalkWNNH 99.1 - True OldiesWTPL 107.7 The PulseWEMJ 107.3 Local News, Talk & SportsWHXR Rock 106.3 Popular News Police: NH Man Impersonates Officer to Break Up What He Thought Was Sex Trafficking Police: NH Woman Uses Wrong Lane to Turn, Seriously Injuring Motorcyclist NH Man Involved in Violent Drugs and Cash Kidnapping Scheme Gets 13 Years in Prison Thousands Left Without Power as Strong Winds Take Down Trees, Wires Lifestyle Around New Hampshire Calendar and Events Sports Weather Local Conditions First Alert Weather (function($){ // get the images of the gallery and replace it by a canvas of the same size to fix the problem with overlapping images on load. $('img[width][height]:not(.uk-overlay-panel)', $('#wk-gridf67')).each(function() { var $img = $(this); if (this.width == 'auto' || this.height == 'auto' || !$img.is(':visible')) { return; } var $canvas = $(').attr({width:$img.attr('width'), height:$img.attr('height')}), img = new Image, release = function() { $canvas.remove(); $img.css('display', '); release = function(){}; }; $img.css('display', 'none').after($canvas); $(img).on('load', function(){ release(); }); setTimeout(function(){ release(); }, 1000); img.src = this.src; }); })(jQuery);   ©NH1 2017 All Rights Reserved Web Design by Trig Web Design /**/ _atrk_opts = { atrk_acct:"pUeQk1ao6C52bm", domain:"nh1.com",dynamic: true}; (function() { var as = document.createElement('script'); as.type = 'text/javascript'; as.async = true; as.src = "https://d31qbv1cthcecs.cloudfront.net/atrk.js"; var s = document.getElementsByTagName('script')[0];s.parentNode.insertBefore(as, s); })(); var sc_project=11399264; var sc_invisible=1; var sc_security="741783f9"; var scJsHost = (("https:" == document.location.protocol) ? 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