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

Former Financial Advisor Sentenced to Prison

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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.

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