Orange County Man Sentenced for Fraud
A 34-year-old Laguna Niguel man who sold more than $10.7 million in near-worthless oil and gas partnerships to elderly Orange County investors was sentenced to 24 years and two months in prison for fraud and money laundering.
Lance Van Alstyne also was ordered by U.S. District Judge Alicemarie H. Stotler to pay nearly $9.2 million in restitution to 450 victims.
Authorities have seized Van Alstyne’s million-dollar home and hope to find several millions of dollars in unaccounted-for funds to return to investors, Assistant U.S. Atty. Kevin Smith said.
A jury convicted Van Alstyne last June of a scheme played out from 1992 through 1994.
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