A judge has sentenced an Indiana man to more than eight years in federal prison for defrauding investors and an Iowa business in two separate schemes.
U.S. District Judge Mark Bennett issued the 97-month prison term to Lowell Hancher on Wednesday afternoon. Hancher is set to surrender at a later date.
The Sheridan, Indiana businessman pleaded guilty to one count of wire fraud and one count of securities fraud. He admitted that he abused his position as board chairman for Spencer, Iowa-based Cycle Country Accessories to obtain money for a stock buyback program that he ended up using for personal expenses.
He also defrauded investors in a Colorado contractor who thought their money was going to a public stock offering.
Bennett ordered Hancher to pay $3.1 million in restitution.
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