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November 28, 2009

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LV financial adviser pleads guilty

Wednesday, July 24, 2002 | 9:44 a.m.

Richard Raymond Ruppert, a Las Vegas marketing and financial services adviser, pleaded guilty Tuesday morning to one count of wire fraud.

His previous plea of not guilty was withdrawn.

Ruppert agreed to a deal with U.S. Attorney Sharon Lever in return for a dismissal of four other charges of wire fraud brought against him.

In accordance with the plea agreement, Ruppert, 38, faces up to five years in prison and fines up to $200,000 in addition to what Judge Larry Hicks called "significant restitution" to the victim.

In court Ruppert admitted to willfully defrauding a Colorado woman out of $200,000 in 1999 as part of a securities scheme in which he told her he would pool her money with other investors to purchase bank notes to sell offshore, telling her the money was federally insured. The profit, he told her, would be divided among the investors.

Instead, Ruppert spent the money on a boat, a Jet Ski and child support.

Ruppert's sentencing hearing is scheduled for Oct. 7.

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