2 Convicted of Bilking Investors of $13 Million
A federal court jury Friday convicted a stockbroker and an investment manager of bilking a group of unwary investors, including a group of nuns in South Dakota and retired armed forces personnel throughout the nation, out of $13 million.
The jury convicted Daniel Burkhart of Camarillo and Gina Loren of Stateline, Nev., on 20 criminal counts, including conspiracy, securities fraud, bank fraud and wire fraud.
They face fines of up to $5 million and prison sentences of up to 100 years. Assistant U.S. Atty. James R. Asperger said the two also could be ordered to pay restitution of $4.1 million. Investors believed they would get a high return for their money, but the defendants used the money themselves, prosecutors said, with Loren purchasing a $1.6-million house in Orange.
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