59-year-old Charles Ruhl Jr. who is Ruhl & Ruhl Commercial Company president and CEO, has pled guilty to one count of wire fraud and one count of money laundering.
Ruhl and Ruhl residential realtors are not associated with the Ruhl & Ruhl Commercial Company what so ever.
Between 2008 and 2012, Ruhl unlawfully withdrew funds from several companies that he managed, a total of 1.3-million-dollars. He then spent the money on Ruhl & Ruhl Commercial expenses and personal expenses. He was able to pull this off by directing his chief financial officers to exclude his withdrawals from financial statements.
Ruhl’s sentencing date in Davenport is still to be determined. As part of a plea agreement, Ruhl and the government jointly recommended he be sentenced to prison within the range of 1 day and 24 months.