Springfield investment manager pleads guilty to wire fraud, money laundering

A Springfield investment professional pleaded guilty to wire fraud and money laundering charges involving embezzlement of clients' retirement funds.

Bob Hunter, 72, entered the guilty plea on June 11 before U.S. Magistrate Judge David P. Rush, according to a news release from the office of R. Matthew Price, U.S. attorney for the Western District of Missouri. Hunter operated The Summit Group of Missouri Inc. and the Master Trust under The Summit Group of Missouri, court records show.

In his capacity as an investment and retirement professional in the Springfield area, Hunter used retirement account money from his clients on personal expenses, according to the plea agreement. The investment instruments included Supplemental Executive Retirement Plans.

Hunter embezzled $373,231 from his clients, according to the release. He also attempted to conceal the nature and scope of his embezzlement.

Under federal statutes, Hunter could face a sentence of up to 20 years in federal prison and a maximum fine of $250,000 for the wire fraud count, and a sentence of up to 10 years in federal prison and a maximum fine of $250,000 for the money laundering count.