73-Year-Old Oregon Eye Doctor Sentenced After Defrauding Clients Out of $2.8 Million in Fake Investments

A 73-year-old Oregon optometrist has been sentenced to two-and-a-half years in prison for defrauding 155 people of $2.8 million.

Robert Lee Adams, of Bandon, who misled his clients into making foreign exchange investments with his trading company, and who had previously been sanctioned in Wisconsin for offering financial advice as an unlicensed operator, pleaded guilty to wire fraud.

Pleas for Probation Were Unsuccessful

His attorney, Amy E. Potter, pleaded for probation, based on her client’s advanced age and health. However, U.S. District Judge Michael J. McShane sentenced Adams to 30 months in prison and ordered him to surrender to the U.S. Marshals Service on November 4 to begin serving his prison sentence. Adams is not in custody.

According to Assistant U.S. Attorney Joseph Huynh, Adams made false claims about the high returns his company, SimTradePro Inc., would be able to reimburse investors. The court heard that Adams, who was working full-time as an optometrist, had no formal training as a financial advisor.

The Commodity Futures Trading Commission has lodged a civil suit for restitution from Adams and has banned him from trading for life.

According to court documents, Adams worked at Dollar General and at an assisted living facility after the collapse of his company to make ends meet.