The Region - News from Oct. 15, 1986
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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.
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