Financial Advisor Convicted of Fraud Charges

Financial Advisor Convicted of Fraud Charges

Robert S. Beyer, II, was convicted of wire fraud and money laundering charges involving a scheme to lure investors into investing money with Heroic Life Assurance Company, LLC, a fraudulent enterprise that Beyer created in order to steal money from his clients.

According to testimony presented at trial, starting in 2011, Beyer, who had previously sold life insurance annuities and other investment products to the victims, solicited his clients to place their money with Heroic Life Assurance Company, which Beyer assured them was a safe investment. Some victims were promised returns between 8 and 18 percent per year, and others were told that they would be able to withdraw their money from the investment at any time. What Beyer did not tell his victims was that he had no intention of keeping their money safe, but instead intended to spend it to support his own lifestyle. Evidence at trial established that Beyer spent his clients’ money on personal bills such as car repairs, child support and dating services. Beyer also used money from his victims to pay the expenses of Heroic Life Assurance Foundation, a non-profit entity that Beyer planned to use to recruit new victims by offering business people free entrepreneurship classes. To conceal the true source of the Foundation’s funding, Beyer created a fictional persona named Jesus Cristobal, a wealthy South American financier who was supposedly bankrolling the Foundation’s operations. In total, Beyer’s victims lost nearly $300,000.

Beyer, Kirkwood, MO, was convicted of one felony count of wire fraud and one felony count of money laundering. The three-day trial was held before United States District Judge Ronnie L. White. Sentencing has been set for December 7, 2016.

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