After admitting to money laundering and wire fraud, a well-known Quad Cities businessman was sentenced to one year plus one day in prison.
Charles Arthur “Chuck” Ruhl Jr., 59, pleaded guilty to the charges Tuesday, September 17, 2013 in federal court.
Ruhl embezzled more than $1.3 million from four limited liability companies he managed. Prosecutors said Ruhl used the stolen money for expenses related to NAI Ruhl and Ruhl Commercial Company and for personal expenses including a vacation home, real estate and his daughter’s college tuition.
“Ruhl concealed his fraud by directing his employees to generate false financial statements and distribute them to the members of the defrauded LLC’s,” said a spokesperson for U.S. Attorney Nicholas Klinefeldt.
Ruhl was caught when Lincoln Healthcare Building, LLC could not pay property taxes in May 2012.
Ruhl was sentenced Friday, January 17, 2014 to 12 months and one day in prison plus a fine of $144,000. His sentence included two years of supervised release to follow his time in prison.
“We want to make it clear that Rul&Ruhl REALTORS is not connected to Chuck Ruhl Jr. or NAI Ruhl & Ruhl Commercial Company in any way,” said a statement from Ruhl&Ruhl President Caroline Ruhl. “The two entities have been owned and operated separately since January 1, 1998. There is no cross ownership.”
