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Property Developer Pleads Guilty

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A Quad Cities businessman faces up to 30 years in prison after pleading guilty to  cheating his investors. 56 year old Todd Raufeisen from Rock Island appeared in federal court Thursday and entered his pleas to charges of wire fraud and money laundering.  

In court documents, Raufeisen admitted that from 2010 through 2016 he defrauded investors in his real estate development projects of 1.7 million dollars. He promised them high rates of return and a quick return of their money.

Prosecutors say he used the money for personal expenses and to pay investors in previous projects.

He also admitted forging signatures on promissory notes to some of his investors.

Raufeisen's sentencing is set for September.