AWC/2011027048601
Lane converted to his personal use a total of $4.93 million in checks from customers who Lane misled into believing they were investing in U.S. Treasury bonds and/or corporate bonds.
Instead of investing the customers’ money, Lane deposited checks drawn
on the customers’ accounts into his relative’s account to effectuate the
conversion of the customers’ funds without their authorization. In furtherance of his scheme and in an effort to
disguise his conversion, Lane made a total of more than $736,000 in payments to some
of the affected customers by cash payments or by transferring funds from his
relative’s account to a bank account bearing the name of the United States from
which cashier’s checks were issued to the customers. Lane created and provided his customers with fictitious receipts and typed
certifications purporting to confirm his customers’ non-existent investments in
U.S. Treasury bonds and/or corporate bonds.