Tyler man guilty of using stolen valor to defraud investors

TYLER – A Tyler man has pleaded guilty to federal charges involving false claims of military service. Officials say Derek Robert Hamm, 38, pleaded guilty to wire fraud, money laundering, violating the Stolen Valor Act, using a fraudulent military discharge certificate, and being a felon in possession of firearms and ammunition. As part of the plea agreement, Hamm agreed to pay restitution of at least $2.3 million and forfeiture of the proceeds of his criminal conduct in the amount of $1,675,000. According to court documents, Hamm invented a persona of being a wealthy and successful war hero and created an extensive network of friends who introduced him to potential investors. Within hours of receiving investors’ funds, Hamm spent their money on himself and his family, including expensive jewelry, vehicles, and vacations to expensive resorts on private charter planes. Click here for full details.