Oregon Clients Were Sent Fake Investment Statements for Years in $1.6 Million Fraud Scheme
At least 14 Oregon investors lost $1.6 million in a fraudulent scheme masterminded by an investment advisor in Baker City.
The Investment Advisor Perpetrated the Fraudulent Investment for More Than 17 years
Jeffrey Thomas Higgins (54) has pleaded guilty to committing fraud over 17 years, from December 2007 to June 2024.
- Dec 2007: Fraud period begins.
- 2007 to 2024: Client shares are sold without authorization.
- June 2024: Scheme ends after nearly 17 years.
- June 2, 2026: Higgins pleads guilty to investment adviser fraud.
- Dec 7, 2026: Sentencing is scheduled in federal court.
According to court documents, while working as an investment advisor, Higgins sold his clients’ shares without their permission or knowledge and deposited the proceeds into his personal bank account.
He enticed investors by claiming he could obtain stocks at substantial discounts. This was false, as Higgins had to pay the market price for the shares.
Higgins then created fictitious annual statements and exaggerated the profits. Original statements reflecting the actual cost of the stock purchases were sent to a post office box under Higgins’ control.
Higgins will be sentenced on December 7 before a U.S. district court judge. He faces a maximum prison sentence of five years, a $10,000 fine, and three years of supervised release.
Higgins Has Agreed to Pay $1.6 Million in Restitution as Part of a Plea Deal
He has agreed to pay $1.6 million in restitution as part of a plea deal.
The case is under investigation by the FBI and is being prosecuted by Assistant U.S. Attorneys Andrew T. Ho and Bryan Chinwuba.