The Region - News from Oct. 15, 1986
A 54-year-old Los Angeles man pleaded guilty in U.S. District Court to wire fraud, mail fraud and using the mail to sell unlicensed securities in connection with more than $25 million in worthless Alaskan oil and gas leases. Assistant U.S. Atty. Terree Bowers said he will ask under a plea bargain that David Kane, who agreed to pay $1 million to 3,000 victims, be sentenced to no more than three years in prison and will ask that 16 more counts be dismissed. Defense attorney Gil Eisenberg said $1 million was all Kane received in the scheme.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.