Michigan heiress, the mother of former Michigan Republican Party Chair, swindled out of $16M by president of investment company... he'd been stealing from her trust fund for 16 years

Elsa Prince-Broekhuizen, 83, was swindled out of $16 million by the president of the investment company that managed the Elsa Prince Living Trust
Elsa Prince-Broekhuizen, 83, was swindled out of $16 million over 16 years ... Robert Haveman, 68, agreed to plead guilty to theft

    Haveman is president of EDP Management in Holland, Michigan, which managed investments for Prince-Broekhuizen

-- Prince-Broekhuizen is widow of billionaire industrialist Edgar D Prince and mother of former Michigan Republican Party Chair Betsy DeVos and former Blackwater CEO Erik Prince  

The president of an investment company is being charged with swindling a Michigan heiress out of more than $16 million.

Elsa Prince-Broekhuizen, 83, the widow of billionaire industrialist Edgar D Prince, who died in 1995, and mother of former Michigan GOP chair, Betsy DeVos, was swindled over the span of 16 years, according to WZZM.   

Financial advisor, Robert Haveman, 68, is charged with wire fraud and money laundering and has agreed to plead guilty to stealing the money, according to a statement from the U.S. Department of Justice.

Under his plea agreement, he waived his right to indictment by a grand jury. 

The document states that Haveman stole $16.2 million through wire fraud from Prince-Broekhuizen and the Elsa S. Prince Living Trust between 1999 and 2015.

Under the plea agreement with federal prosecutors, Haveman will plead guilty as charged and pay restitution. He's already paid back $2.6 million to the Elsa S. Prince Living Trust.

Haveman is president of EDP Management Co LLC in Holland, a company he started in 1997. The company managed investments for Prince-Broekhuizen and the Elsa D. Prince Living trust.

Financial advisor, Robert Haveman, 68, is charged with wire fraud and money laundering and has agreed to plead guilty to stealing the money. Haveman is the president of EDP Management (pictured), a company he started in 1997

The DOJ alleges that Haveman transferred $1 million out of the living trust and into a separate bank account in the name of Environmental Packaging Tech Inc., which is based in Houston, according to the Holland Sentinel.

Investigators say he then transferred the $1 million from that account into his personal account, to use as a partial down payment on land in Ottawa County’s Port Sheldon Township. 

So far, he's agreed to transfer ownership of the lakefront lot, valued at $1.6 million, to the trust fund.

Haveman also has to sell a 2005 Chevy Corvette 30 days before sentencing and a 2008 Lexus. The proceeds will be used for restitution, according to WZZM.

His retirement trust and a 401k account are also fair game.

 

Prince-Broekhuizen and Edgar D Prince (Top) had four children, including Betsy DeVos (bottom) and former Blackwater CEO Erik Prince

The government will let Haveman keep a time-share condominium in Colorado and his stake in a turkey processing operation.

Sentencing guidelines call for a prison term between 70 and 87 months, the plea agreement states. 

More than $500,000 was also transferred from a private energy company in Billings, Montana, into Haveman’s personal account at Huntington National Bank, court records show.

Prince-Broekhuizen and Edgar D Prince had four children, including Betsy DeVos and former Blackwater CEO Erik Prince. Elsa Prince remarried in 2000.

Courtesy: mail