ARIZONA NEWS

Scottsdale man convicted of defrauding investors out of over $20M

Mar 10, 2023, 4:35 AM | Updated: 7:08 am

(Pexels Photo)...

(Pexels Photo)

(Pexels Photo)

PHOENIX – A Scottsdale man was convicted last week on charges that he defrauded investors out of more than $20 million, authorities said.

A federal jury found David Allen Harbour, 49, guilty on six counts of wire fraud and 11 counts of transactional money laundering, the U.S. Attorney’s Office for the District of Arizona said in a press release Thursday.

Harbour, who also pled guilty to one count of tax evasion, is scheduled to be sentenced on June 5.

He acted as an investment adviser between 2007 and 2021 to perpetrate the fraud and used the proceeds to support a lavish lifestyle, prosecutors said.

Harbour’s spending included private jet travel, country club memberships, million-dollar speedboats and a private concert by the Eagles for his 40th birthday party.

“For his brazen lies that defrauded numerous victims out of more than $20 million, the defendant now justifiably faces the potential of a lengthy prison term,” U.S. Attorney Gary Restaino said in the release.

“The U.S. Attorney’s Office is committed to deterring investment fraud and holding wrongdoers accountable to help protect our citizens’ financial security and to vindicate the tireless efforts of our law enforcement partners.”

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Scottsdale man convicted of defrauding investors out of over $20M