PORTLAND, Ore. — A Baker City man is facing federal charges after prosecutors allege he defrauded clients out of more than $1.6 million over nearly 17 years through a long-running investment scheme.
Jeffrey Thomas Higgins, 54, has been charged by information with investment fraud, according to federal court documents.
Authorities say that between December 2007 and June 2024, Higgins worked as an investment adviser in Baker City, where he allegedly misled clients about how their money was being invested. Prosecutors claim Higgins told investors he was purchasing stocks on their behalf at deeply discounted prices, when in reality he bought them at standard market value.
Investigators allege Higgins then sold those stocks without his clients’ knowledge and transferred the proceeds into his personal bank account.
To conceal the scheme, Higgins is accused of generating fake annual account statements that significantly overstated investment profits. Meanwhile, legitimate statements showing the true purchase prices were reportedly sent to a post office box under Higgins’ control.
As a result of the alleged fraud, victims suffered combined financial losses exceeding $1.6 million.
Higgins made his initial appearance in federal court on Thursday before a U.S. magistrate judge and was released pending further proceedings.
The Federal Bureau of Investigation is leading the investigation. The case is being prosecuted by Assistant U.S. Attorneys Bryan Chinwuba and Andrew T. Ho.
An information is a formal accusation, and Higgins is presumed innocent unless and until proven guilty in a court of law.
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