An Indiana man will spend over eight years in federal prison for a scheme that took millions from Iowa victims. Fifty-nine-year-old Lowell Gene “Bob” Hancher of Sheridan, Indiana pled guilty to one count of wire fraud and one count of securities fraud in admitting to the stock scam he conducted between April of 2005 and January of 2010.
Hancher admitted to taking funds from investors in northern Iowa that were supposed to be invested in stock for a Colorado contracting company. Hancher also admitted to using his position as a board member of a Spencer-based company, Cycle County Accessories Corporation, in 2009 and 20010 to take some $500,000 he was supposed to use for a stock buyback program.
The company makes accessories for all-terrain vehicles. Hancher was sentenced to 97 months in federal prison and ordered to pay just over $1.3-million in restitution.