Former Financial Advisor Sentenced to Prison - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Former Financial Advisor Sentenced to Prison

Posted: Updated:
Gary Lane Gary Lane

A Reno man will spend 15 years in prison after he pleaded guilty to defrauding several people of more than $2 million.

A judge has sentenced 60-year-old Gary Lane to ten years in prison for mail fraud - and another five years for attempting to evade or defeat tax.

According to Secretary of State Ross Miller, Lane developed a scheme involving fake treasury bonds while he worked as a financial adviser at "Bank of America Investment Services."

Miller says Lane targeted the elderly and people without investing experience - and defrauded them of their money between January 2010 and March 2011.

Miller urges investors to learn the warning signs of investment fraud and independently verify any investment opportunity, as well as the background of the person and company offering the investment.

"Gary Lane was a licensed investment adviser at the time he committed the criminal violations," said Secretary Miller. "If an investor suspects any unusual activity, I encourage them to report it to the Securities Division. Licensed professionals who think they can get away with investment fraud ought to think twice."

Additional information on how to protect yourself from investment fraud is available on the Secretary of State's website, www.nvsos.gov. The Securities Division's telephone number is (702) 486-2440.

  • NewsMore>>

  • Aces Lose 6-5, Skid at Seven

    Aces Lose 6-5, Skid at Seven

    Friday, April 20 2018 2:11 AM EDT2018-04-20 06:11:38 GMT

    After being no-hit through 4.1 innings, and being down 6-0, the Reno aces clubbed their way back, but came up just short. 

    More >>

    After being no-hit through 4.1 innings, and being down 6-0, the Reno aces clubbed their way back, but came up just short. 

    More >>
  • Nevada Boxing Judge to Be Inducted to Boxing Hall of Fame

    Nevada Boxing Judge to Be Inducted to Boxing Hall of Fame

    Friday, April 20 2018 2:09 AM EDT2018-04-20 06:09:14 GMT

    Herb Santos, Sr., a longtime Reno attorney and Nevada boxing judge, and former Nevada Athletic Commissioner, will be inducted into the National Boxing Hall of Fame in Montebello, California on April 28, 2018.

    More >>

    Herb Santos, Sr., a longtime Reno attorney and Nevada boxing judge, and former Nevada Athletic Commissioner, will be inducted into the National Boxing Hall of Fame in Montebello, California on April 28, 2018.

    More >>
  • Reprieve for Fernley Woman Dealing with Chronic Pain

    Reprieve for Fernley Woman Dealing with Chronic Pain

    Friday, April 20 2018 1:57 AM EDT2018-04-20 05:57:28 GMT

    The Nevada Legislature passed AB 474, a bill aimed at curbing opioid misuse and abuse. Fernley resident Tina Smith has been living with chronic pain for years and depends on opioid medication to function.

    More >>

    The Nevada Legislature passed AB 474, a bill aimed at curbing opioid misuse and abuse. Fernley resident Tina Smith has been living with chronic pain for years and depends on opioid medication to function.

    More >>
Powered by Frankly
All content © Copyright 2000 - 2018 Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.