Jury Finds 'Self-Styled' Advisor Guilty of $20M Scam

What You Need to Know

A federal jury found David Allen Harbour guilty on six counts of wire fraud and 11 counts of transactional money laundering.
He promoted fraudulent high-yield investments tied to payday loans, according to prosecutors.
Harbour spent client money on expenses including a private jet and a private Eagles concert, prosecutors said.

A federal jury found an Arizona man who acted as a financial advisor guilty on six counts of wire fraud and 11 counts of transactional money laundering, according to court documents and the Justice Department.

David Allen Harbour, 49, of Scottsdale was found guilty by the jury on March 2 and he then, on Tuesday, pleaded guilty to one count of tax evasion, resolving two pending trials scheduled for later this month, the U.S attorney’s office for the District of Arizona said in a news release on Thursday.

Sentencing is scheduled for June 5 before Judge Douglas L. Rayes at U.S District Court for the District of Arizona.

“Harbour acted as a self-styled investment advisor who defrauded numerous victims between 2007 and 2021,” according to the Justice Department.

The total loss to investors exceeded $20 million and Harbour diverted his clients’ money to fund a lavish lifestyle, the Justice Department said.

“Harbour’s extravagant expenditures included: private jet travel; country club memberships in Arizona, Coeur d’Alene, Idaho, and Cabo San Lucas, Mexico; million-dollar speedboats; stays at luxury hotels; expensive jewelry; and a private 40th birthday concert by the Eagles,” according to the Justice Department.