Daniel P. Lucas, 50, of 46504 Sidehill Road, East Liverpool, Ohio, pleaded guilty to one count before Chief United States District Judge Joy Flowers Conti.
In connection with the guilty plea, the court was advised that Lucas defrauded three investors by representing that he was a successful currency trader and obtaining USD 78,000 from them for this purpose and thereafter retaining and spending more than USD 49,000 for his own purposes, while earning no profits for investors and incurring more than USD 28,000 in currency trading losses.
Judge Conti scheduled sentencing for January 10, 2014, at 3:30 p.m. The law provides for a total sentence of 20 years in prison, a fine of USD 250,000, or both.
Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.
Pending sentencing, the court continued Lucas on bond.
Assistant United States Attorney Leo M. Dillon is prosecuting this case on behalf of the government.
The Federal Bureau of Investigation conducted the investigation leading to the indictment in this case.
--IBNS (Posted on 24-09-2013)