Granite City man who worked as financial planner pleads guilty to federal wire fraud
A Granite City man who worked as a financial consultant, retirement planner and tax adviser has pleaded guilty to federal fraud and laundering charges.
Douglas J. Kiffmeyer, 45, admitted to a 17-count federal indictment of wire fraud, failure to file individual and corporate income tax returns and money laundering in U.S. District Court for the Southern District of Illinois Monday.
Kiffmeyer operated businesses under the names of Modern Retirement Professionals and Kiffmeyer Tax Advisory Group, Inc., soliciting funds from clients for personal investments and personal expenditures with investor funds that totaled approximately $1.5 million, a release from the federal court stated.
Most of the funds went to paying for Kiffmeyer’s personal expenses and none of the money received was reported to the Internal Revenue Service as income to the corporation or as personal income.
Kiffmeyer’s sentencing is scheduled for Nov. 10.
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