Texas man convicted in $11M investment scheme

[TexasTowelie]

PLANO, Texas (AP) — Prosecutors say a federal jury in North Texas deliberated six minutes before finding a 58-year-old man guilty of defrauding investors as part of an $11 million investment scheme.

Gary Lynn McDuff of the Houston suburb of Pasadena was found guilty Wednesday of conspiring to defraud investors. He faces up to 20 years in prison at his sentencing, which has not been scheduled. Two co-defendants previously admitted their guilt in the scheme and have been sentenced to federal prison.

McDuff and another defendant created the Lancorp Investment Fund and solicited investments from people across the U.S. McDuff recruited the third defendant to sell investments. All three made false claims to their investors in order to induce payments.

Prosecutors say McDuff then laundered the proceeds in order to continue operating the scheme.

More at http://www.wfaa.com/news/local/200496151.html .

[font color=green]The jury took six minutes, huh? Dinner must have been waiting on the table.

Another one bites the dust.

Meanwhile, I realize how much I screwed up by not becoming a financial advisor--it sounds much more profitable than going to work and earning a wage. [/font]

[Mopar151]

1. Ask Sen Ayotte how that works

Financial Resources Morgatge (~$50 million? down the tubes) operated next door to the church of the "CEO"s preacher Daddy. She was the Attourney General of NH at the time, but claims no knowledge. (But will release no E-mails from her term as AG)