Indiana businessman admits guilt in fraud plots
IOWA CITY (AP) — An Indiana businessman has pleaded guilty to ripping off an Iowa company whose board he led and duping investors in a Colorado firm in separate fraud schemes totaling $2.3 million, federal prosecutors announced Monday.
Lowell G. Hancher of Sheridan, Ind., pleaded guilty Friday to one count of wire fraud and one count of securities fraud during a hearing in federal court, the U.S. Attorney’s Office in Cedar Rapids announced.
Hancher, who is nicknamed “Bob,” has been released from custody pending sentencing, which hasn’t been scheduled. He faces a maximum prison term of 45 years.
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