Baker City man charged in $1.6 million investment fraud scheme

Federal prosecutors charged Baker City resident Jeffrey Thomas Higgins, 54, with stealing more than $1.6 million from at least 14 investors over nearly 17 years. Court filings say the alleged fraud ran from December 2007 through 2024 and centered on stock sales, false claims that purchases had been made for clients, and account statements that concealed what was happening.

The case lands hard in a small community like Baker City because the alleged conduct unfolded through ordinary investment accounts, not a flashy outside scam. Prosecutors said Higgins, a former investment adviser and broker, sold clients’ stock, pocketed the proceeds, and then told them he had bought the shares on their behalf. They also said he sold shares without permission and used fake account statements to make the activity look legitimate.

For Baker County investors, the clearest warning signs in the allegations are specific: stock sold without authorization, cash from a sale that never shows up where it should, and statements that appear normal but do not match actual account activity. Federal filings say the scheme touched at least 14 investors, meaning the losses were spread across multiple clients rather than isolated to one account.

The Securities and Exchange Commission filed a civil complaint on April 6 in federal court in Oregon, case 2:26-cv-00676-HL. Higgins appeared in federal court and was released pending further proceedings. The FBI is investigating the case.

Higgins was formerly associated with Western International Securities and Atria. By June 3, he had pleaded guilty to investment adviser fraud and agreed to pay more than $1.6 million in restitution. That plea left him facing a maximum sentence of five years in prison.