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 Aug. 8 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. The Reno Gazette-Journal reported he was arrested Friday and remained Tuesday in the Washoe County Jail.
