A former Davenport businessman convicted of money laundering and wire fraud began a year-long prison sentence in South Dakota.
Court documents that were released Thursday, March 6, 2014 showed that Charles Ruhl Jr. had started federal prison sentence in Yankton, South Dakota, according to a report by WOI.
Previous reports indicate that Ruhl had 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.
WOI reported that Ruhl’s attorney argued that the crime had no victims because he paid everyone back with interest.
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.
The Federal Bureau of Prisons said Ruhl’s prison release was set for January 10, 2015, according to WOI.
“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.”