PORTLAND, Ore. — A Baker City investment adviser has pleaded guilty to federal charges after admitting to a nearly 17-year scheme that defrauded clients of more than $1.6 million, federal prosecutors announced Tuesday.
Jeffrey Thomas Higgins, 54, pleaded guilty to investment adviser fraud, according to the U.S. Attorney’s Office for the District of Oregon.
Court documents show Higgins worked as an investment adviser in Baker City from December 2007 through June 2024. Prosecutors said he persuaded clients to invest by falsely claiming he could purchase stocks on their behalf at significant discounts. Instead, Higgins bought the stocks at market value, then sold them without his clients’ knowledge and transferred the proceeds into his personal bank account.
Authorities said Higgins concealed the scheme by creating fraudulent annual account statements that overstated investment returns and profits. Meanwhile, records showing the actual costs of stock purchases were sent to a post office box controlled by Higgins, allowing him to keep investors unaware of the deception.
Federal investigators determined that at least 14 investors suffered losses totaling more than $1.6 million as a result of the scheme.
As part of his plea agreement, Higgins has agreed to pay more than $1.6 million in restitution to the victims.
Higgins faces a maximum sentence of five years in federal prison, a $10,000 fine, and three years of supervised release. He is scheduled to be sentenced on Dec. 7, 2026, before a U.S. District Court judge.
The case was investigated by the Federal Bureau of Investigation. Assistant U.S. Attorneys Bryan Chinwuba and Andrew T. Ho are prosecuting the case.
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