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.