'Ponzi scheme': Former deputy sheriff in US pocketed over $10 million from investors

In United States, former Dodge County Deputy Sheriff Craig Harbaugh has pled guilty to wire fraud "Ponzi scheme" while seeking loans and investments in his firearms company named Tactical Solutions Gear LLC. He recited law enforcement ncies in states from Alaska to Tennessee as clients. To back up his claims, he h contracts and purchase orders. It is described as potentially "one of largest individual embezzlements in Nebraska history". 

'Effectively a Ponzi scheme'

Harbaugh's ploy pocketed nearly $11 million from a bank and four investors. This week,  he mitted that 12 ncies he named were t doing business with him. He confessed that it was an "effectively a Ponzi scheme”. After today’s conviction, @FBIOmaha Special nt in Charge Eugene Kowel said, “Craig Harbaugh exploited his position as a sheriff’s deputy to take vant of victims who invested ir life savings with him. Today’s plea demonstrates that one is above law. FBI and our law enforcement partners will continue to ensure those who commit fraud are brought to justice, even if y wear a bge”. 

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Wire fraud carries a possible sentence of up to 20 years in prison, up to a $250,000 fine, & up to 3 years of supervised release that could follow any term of imprisonment. Harbaugh’s sentencing is scheduled for May 10, 2021. According to plea agreement, after his scheme was discovered, he told an employee of Great Western Bank, “I was irresponsible, immoral, criminal, and selfish”. He ded, “I wish I could go back and take it all back but all I can do is try and ask for your forgiveness and move forward”.

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However, prosecutors have agreed to dismiss 12 or charges and to t pursue Harbaugh for fraud, tax, and money laundering crimes that were uncovered during discovery process. It is still t clear where money went. According to reports by Washington Post, Nebraska Department of Justice Criminal Chief Michael rris said that it will be ‘premature’ to disclose that information. 

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