Business

Investor pleads guilty in philanthropist fraud case

Posted March 16, 2016 7:00 am

The Associated Press

GRAND RAPIDS, Mich. (AP) - An investment adviser accused of stealing $16 million from a prominent philanthropist in western Michigan has pleaded guilty to fraud and money laundering.

Robert Haveman handled money for Elsa Prince-Broekhuizen. She's the widow of businessman Edgar Prince and mother of Republican activist Betsy DeVos and Blackwater Worldwide founder Erik Prince.

In court Wednesday, Haveman says he also caused millions in investment losses because of poor decisions. The Grand Rapids Press (http://bit.ly/1M8iIAF ) reports that he told the judge he was given "a lot of latitude" until an investment committee began to review any transactions.

The scheme goes back to 1999. Haveman will be sentenced on Aug. 9 in Grand Rapids federal court.

Article Comments

Article Categories
Business Content Providers Nation and World News

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.