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A federal jury in north Texas deliberated for only six minutes last Wednesday before deciding that the defendant is guilty of defrauding investors in a $11 million conspiracy.
Gary Lynn McDuff, 58, of Pasadena may be punished with up to 20 years in prison when he is sentenced for his crime. His sentencing hearing has not been scheduled.
McDuff’s two co-defendants have already been convicted and are currently serving time in a federal penitentiary.
McDuff and a co-defendant founded the Lancorp Investment Fund and accepted funds from people all over the country. A third defendant sold the investments. They all made fraudulent claims to the investors in order to gain additional wealth. McDuff then laundered the money to make it seem like the funds were legally acquired.
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If you are facing charges for fraud, get in touch with the Law Office of Shahin Zamir today at 713-223-8900 and get a confidential legal consultation.