A Michigan businessman has pleaded guilty to two felonies for defrauding a trust of more than $16 million, and at least some of the funds may have been used to support his investments in senior living communities, according to media reports.

Robert Allen Haveman, 67, is scheduled to be sentenced Aug. 9 for wire fraud in connection with actions against the Elsa D. Prince Living Trust between 1999 and 2015, to which he pleaded guilty March 16. During his time managing private equity investments as president of EDP Management Co. in Holland, MI, Haveman transferred money belonging to the trust and to Elsa D. Prince-Broekhuizen to his personal bank account and other bank accounts for his personal use and investment activities, according to the U.S. District Attorney’s Office for the Western District of Michigan.

In addition to wire fraud, Haveman also pleaded guilty to money laundering in connection with the purchase of vacant land fronting Lake Michigan. He faces up to 20 years in prison on the fraud charge and up to 10 years in prison for money laundering, but the two sides in the case are recommending a sentence of six to seven years, although the judge can rule otherwise.

According to Mibiz.com, Haveman’s financial woes began in the late 1990s with senior living-related investments. The media outlet cites U.S. Securities and Exchange Commission filings indicating that in 2000, Haveman and his wife, Nancy, invested up to $30 million in Milwaukee-based Alterra Healthcare Corp., a multistate senior living provider that filed for bankruptcy in 2003 and was acquired by Brookdale in 2005. He also reportedly served as a director with Florida-based senior living company Freedom Group, which became part of American Retirement Corp. via a 1998 merger; that company, in turn, became a subsidiary of Brookdale in 2006. Mibiz.com notes that the source of the funds used for the investments is unclear, although, according to the Holland Sentinel, Haveman said that he used the “stolen” money (his words) to make private investments and property purchases as well as to pay bills.

Haveman told a U.S. District Court judge that he ultimately took $16.2 million of Prince-Broekhuizen’s money but that her losses probably totaled $50 million to $60 million. He said that he has repaid the trust $2.6 million, and he will repay the trust further by transferring ownership of the lot overlooking Lake Michigan, valued at $1.6 million, and by selling a 2005 Chevy Corvette and a 2008 Lexus. His retirement trust and a 401(k) account also may be used for restitution.

In exchange for his guilty pleas, Haveman will be allowed to keep four parcels of land in Michigan, a time-share condominium in Telluride, CO, and his stake in Michigan Turkey Producers, a processing operation that his father-in-law helped found.