Ex-Reno bank adviser gets 10 years in fraud scheme

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Updated: 2/12/2014 4:40 am

RENO, Nev. (AP) — A former financial adviser with Bank of America in Reno has been sentenced to 10 years in prison on 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 in September 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 instead of through normal bank procedures from January 2010 to March 2011.

Lane had faced up to life in prison at Monday's sentencing before Judge Robert C. Jones, who also ordered him to pay his victims restitution.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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