76-year-old lied to investors and conned them out of $550,000, say prosecutors

April 05 2021 05:30 pm

FRESNO, California (KSEE/KGPE) – A former Fresno man has pleaded guilty to wire fraud, but not before conning investors out of $550,000, according to federal prosecutors.

The Department of Justice says Gary John Koval pleaded guilty in federal court on Monday to one count of wire fraud in connection with an investment fraud scheme.

According to court documents, the 76-year-old established an investment fraud scheme and lied to potential investors about his experience. Koval told them that he was a successful and experienced businessperson with contacts in both banking and investments. Instead, Koval used the money on personal expenses or to fund his own business ventures.

Gary John Koval is due to be sentenced in January. He is facing a maximum penalty of 20 years in prison and a $250,000 fine.

For local, national, and breaking news, and to get weather alerts, download our FREE mobile app from the Apple App Store or the Google Play Store.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

CBS47 On Your Side

Do you have a problem that you need help solving? Contact CBS47 and let us be On Your Side.

Phone: 559-761-0383
Email: OnYourSide@cbsfresno.com