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.