Thursday, December 3, 2020

Former consultant pleads guilty to fraud, money laundering charges

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A former Metro East financial planner pleaded guilty Monday to a 17-count indictment that included charges of wire fraud, money laundering and tax offenses.

Douglas J. Kiffmeyer, 45, of Granite City, marketed himself as a retirement planner, financial consultant and tax advisor.

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Kiffmeyer then used funds from clients on personal investments and personal expenditures, according to a Monday release from the U.S. Attorney’s Office for the Southern District of Illinois. Little of investor funds were ever used for their intended purposes, prosecutors say.

None of the money Kiffmeyer received was reported as corporate or personal income, according to the Internal Revenue Service.

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Kiffmeyer made several local TV appearances during his time purporting to be a financial advisor. Someone claiming to be Kiffmeyer compiled clips on YouTube in 2015 of his appearances discussing financial matters.

Kiffmeyer’s sentencing is scheduled for Nov. 10. He was first indicted in 2018.

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