Ex-Reno Investor Indicted on Mail Fraud, Tax Charges

By: Associated Press Email
By: Associated Press Email

RENO, Nev. (AP) - A federal grand jury has indicted a former financial adviser in Reno on charges accusing him of swindling mostly elderly investors out of more than $2 million.

Gary Harrison Lane is accused of carrying out a long-running Ponzi scheme involving U.S. treasury bonds.

The indictment handed up August 8th charges him with 12 counts of mail fraud and five counts of income tax evasion.

The indictment says money investors thought Lane was using to purchase U.S. treasury bonds actually ended up in unrelated E-trade accounts dating to March 2010.

Prosecutors say Lane worked until March 2011 in Reno as a financial adviser for Bank of America Investment Services, which merged with Merrill Lynch.

He was arrested Friday and remained Tuesday in the Washoe County Jail.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 168587686 - kolotv.com/a?a=168587686
Gray Television, Inc.