If you are involved in the real estate industry in any shape or form in the St. Louis area, there is a good chance you have heard of DHP Investments, and Doug Hartmann. If you’re a real estate investor there is also a good chance you were swindled by him or might have have purchased one his many foreclosed properties. Fraud doesn’t go far enough in describing what this guy did.
Of course, none of this is news since it’s been a widely known fact since 2007. What is newsworthy is the fact that just last week, Robert Douglous Hartmann pleaded guilty to the mail and tax fraud charges, which are tied to his infamous schemes. He will face up to 24 months in jail and up to a $1.5 million dollar fine when he is sentenced in June. Hopefully they throw the book at him as he scammed hundreds of investors with phony real estate deals on houses and multifamily buildings throughout the St Louis area. It will be interesting to see what kind of punishment they give him.
For a more detailed writeup, check out Chad Garrison’s piece over at the Riverfront Times.