Financial Advisor Guilty in $2M Fraud Scheme

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RENO, Nev. (AP) - A former financial adviser with Bank of America in Reno has pleaded guilty to fraud and tax evasion charges as part of a scheme federal prosecutors say he used to defraud six people out of more than $2 million.

Gary H. Lane pleaded guilty in U.S. District Court in Reno on Tuesday to 12 counts of mail fraud and five counts of attempt to evade or defeat tax.

Prosecutors say the 60-year-old Reno man defrauded customers by enticing them to invest money with him through an E-Trade account rather than through normal bank procedures in from January 2010 to March 2011.

Lane faces up to life in prison and nearly $3 million in his sentencing set for Dec. 16.