- Associated Press - Wednesday, April 20, 2016

TYLER, Texas (AP) - A former insurance agent in East Texas must serve three years in prison for running a $5 million medical investment scam.

Robert B. Hahn was sentenced in federal court in Tyler. The 64-year-old Tyler man in November pleaded guilty to wire fraud and money laundering.

Investigators say Hahn from 2007 through early 2015 falsely claimed to represent some Texas doctors raising money to build medical facilities. Prosecutors say Hahn offered up to 20-percent annual returns on the investments but instead kept much of the funds for his personal use.

Authorities say no doctors were part of his Ponzi scheme.

Prosecutors on Tuesday announced the penalty for Hahn, who must surrender proceeds from the sale of his home and insurance business as part of restitution.

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