Investment advisor pleads guilty to $1.6 million fraud scheme in Oregon

BAKER CITY, Ore. (KTVZ) -- Jeffrey Thomas Higgins, a 54-year-old Baker City man, pleaded guilty to investment advisor fraud after orchestrating a nearly 17-year scheme. Higgins stole client stock shares, sold them, and funneled the proceeds into his personal bank account, defrauding at least 14 investors of more than $1.6 million.

The fraud scheme spanned from December 2007 through June 2024, during which Higgins worked as an investment advisor in Baker City. To deceive clients, Higgins falsely claimed he purchased stocks on their behalf at deep discounts, when he actually bought them at market value. He then sold these stocks without client knowledge and diverted the funds to his personal accounts.

To perpetuate the fraud, Higgins created fictitious annual statements that exaggerated profits for his clients. Statements reflecting the true costs of stock purchases were mailed directly to a post office box controlled by Higgins.

U.S. Attorney Scott E. Bradford for the District of Oregon announced Higgins' guilty plea. The Federal Bureau of Investigation is investigating the case.

Higgins faces a maximum penalty of five years in prison, a $10,000 fine, and three years of supervised release. As part of his plea agreement, Higgins has agreed to pay over $1.6 million in restitution to his victims.

Higgins will be sentenced on Dec. 7th, 2026, before a U.S. district court judge.