Former Corvallis lawyer admits wire fraud and money laundering – Hi-Line Today



US trial judge Kathleen L. DeSoto presided. A sentencing date has been set for November 10 before US District Judge Donald W. Molloy. Lords has been released pending further proceedings. Ronald Dean Lords, 53, of Corvallis, has pleaded guilty to wire fraud, money laundering and filing false income tax returns. Lords faces a maximum sentence of 20 years in prison, a fine of $ 250,000 and three years of supervised release for wire fraud; 10 years in prison, a fine of $ 250,000 and three years of supervised release for the charge of money laundering and three years in prison, a fine of $ 100,000 and one year of supervised release for the false charge. tax returns.

The government further alleged that instead of using the money to finance construction projects as promised, Lords used some of the new money to make interest payments to previous investors and lost the majority. funds in the futures market. When some victims demanded repayment of their principal, Lords admitted that he had lost over a million dollars in the futures market and did not have their money.

The government alleged in court documents that Lords was a lawyer, who operated Eagles Landing Legal Services, PC, as well as a licensed real estate agent and general contractor, who operated Eagles Landing Construction, Inc. The construction company claimed to be developing businesses. real estate and building houses. . From June 2011 to September 2018, in Ravalli County, Lords defrauded several victims by convincing them to invest money in his construction business. The lords told them that he would make monthly interest payments, use the money to build houses, and pay back the money after the houses were sold. Lords said he would return victims’ money within 30 days of any request.

The government also alleged that Lords failed to report $ 432,608 he received from several victims in 2015 as “other income” on his taxes, resulting in unpaid taxes of $ 152,734 for that year- the.

Assistant US Attorney Timothy J. Racicot is pursuing the case, which has been investigated by the FBI and IRS, Criminal Investigations Division.

Courtesy of the United States Attorney’s Office for the District of Montana

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