DAVENPORT, Iowa (AP) — A prominent Davenport real estate developer has started serving a one year prison sentence after being convicted of embezzling money from business partnerships he managed.
A court document released Thursday shows Charles Ruhl Jr. arrived at a minimum-security federal prison camp in Yankton, S.D. last week. The Federal Bureau of Prisons says Ruhl is scheduled to be released Jan. 10, 2015.
U.S. District Judge Stephanie Rose ordered the prison time for Ruhl in January after he was convicted of wire fraud and money laundering.
He admitted that he secretly withdrew $1.3 million from real estate partnerships he managed. He used the money to help other property investments that were struggling and for some personal expenses.
Ruhl's attorney argued it was a victimless crime since he paid everyone back with interest.