Prosecutors seek prison for businessman in fraud
Prosecutors are seeking a stiff prison term for an Indiana businessman who admitted to stealing more than $500,000 from an Iowa manufacturer.
A filing from the U.S. Attorney's office in Cedar Rapids says prosecutors will ask a judge Wednesday to sentence Lowell Hancher to between 12 and 16 years behind bars.
The businessman from Sheridan, Ind., has pleaded guilty to one count of wire fraud and one count of securities fraud, admitting that he carried out two separate fraud schemes worth $2.3 million.
Prosecutors say he abused his position as board chairman for Spencer, Iowa-based Cycle Country Accessories to steal $507,000 from the company for personal expenses. The company makes equipment for all-terrain vehicles and golf carts.
Prosecutors say he defrauded investors in a Colorado contractor out of $1.8 million.
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