Man sentenced to 3 years for fraud

Mar 24, 2013 -- 12:10pm

 

- JUNEAU, Alaska (AP) - A 61-year-old Anchorage man has been sentenced to more than three years in prison for an investment fraud scheme that took in more than $300,000. KINY-AM reports Senior U.S. District Court Judge H. Russell Holland sentenced Donald Lee Smith to 37 months in prison and three-years of supervised release afterward. He also ordered Smith to pay $316,150 in restitution. Federal prosecutors say Smith in August pleaded guilty to an investment fraud scheme. Prosecutors say he took in money from investors and lenders in 2007 and 2008 and didn't tell them he was using a substantial portion to gamble in casinos rather than invest in properties. He was convicted of one count of wire fraud and one count of money laundering.
 

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