David Lane is going to the pen. U.S. District Judge Henry Wingate sentenced him to serve 51 months in prison after he pleaded guilty to bank fraud. The court docket states:
Sentencing held on 12/16/2022 for David Luke Lane (1) as to Count(s) 1. The Court heard statements from victims under the Victims' Right Act. There were no objections to the PSR. Defendant is sentenced to 51 months in the BOP to be followed by a 5-year term of supervised release. Defendant is ordered to pay a special assessment fee in the amount of $100.00. Restitution amount is to remain open for ninety (90) days. Defendant shall self report by noon on February 15, 2023 at the designated prison.
APPEARANCES: The Defendant along with his counsel of record Merrida Coxwell. The government was represented by AUSA David Fulcher.
Synopsis of Case
David Lane and his son David, operated Ridgway Lane. The realty company managed homeowners associations. Unfortunately for the HOA's and their members, Lane embezzled more than $2 million from their accounts.
Lane waived indictment and agreed to a bill of information on November 8, 2021 and pleaded guilty to bank fraud. The bill states Lane embezzled funds and provided phony account statements. Several HOA's stated in civil lawsuits that Lane refused to provide copies of bank statements. The HOA's could not even access their own accounts nor get bank statements as Lane often limited access to himself.
The younger David Lane has not been prosecuted although he is a defendant in several HOA lawsuits. The HOA lawsuits are all pending. Community Bank was named as a defendant in many of the lawsuits. The bank filed motions to enforce arbitration agreements in November. Lane apparently signed the agreements as he maintained the accounts. Nothing has been filed in any of the lawsuits since November. Circuit Judge Dewey Arthur approved the motions.
Community Bank apparently has been dismissed from the lawsuits. There are several orders stating the bank was dismissed after a settlement was reached with various parties. Several more orders are sealed.
Attorney Merrida Coxwell represents Lane.
The victims and the amounts embezzled (based on civil lawsuits) are:
Bridgewater 2: $343,938
Bridgewater: Over 500,000
Dinsmor: $217,782
Barrington: Hundreds of thousands of dollars (An estimate of $200,000 will be used in the total as a minimum).
Bruenburg: $188,330
Oakhurst: $168,000
Diplomat: $28,000
Palisades: $87,000
Eastbrooke: Over $500,000
Timbers: Over $90,000
29 comments:
Four years? Is this a joke?
In the early 2000's I had a family friend get sentenced to 12 years for stealing >$500, <$1,000 (it could have been <$2,500, icre, but it was smalls-peanuts in comparison) by Marcus Gordon. Draw your own conclusion about who our governments protects and punishes.
I might agree to spend four years in prison if you give me over two million tax free dollars.
Not nearly long enough
That’s what she said
That "$100 special assessment fee" should be a deterrent to all who would consider stealing from their clients.
not yet
He has some type of health issues if you believe the feds
The length of time is not the joke….the joke is the kid skates
I will say….these Lane guys made their own financial documents….no bank statements given to HOA boards for decades….these boards were littered with CEOs, lawyers, CPAs…..I imagine some boards got sued to recoup this $$$….hope so for the victims
Why do they not imprison him now instead of allowing him to wait to report until February 15?
With his experience in managing properties he is a shoo-in to manage his cellblock.
Given his apparently poor health, Daddy Lane might die in the federal hospital pen (FMC Butler) where Bernie Madoff expired. It’s near Bahama, North Carolina.
"now take me to jail"
https://www.youtube.com/watch?v=62RX0mSLMX8
It’s a Christmas miracle he will even spend a day in prison!
the 10 HOAs listed here all have one thing in common............the are all set up as NOT FOR PROFIT CORPORATIONS.
there is not a single legal entity in this country that are subjected to less financial scrutiny than not for profit corporations.
and that is precisely the reason this lane guy was able to get away with this for so long.
WARNING: if you live in a neighborhood that has an HOA see to it that the HOA is properly audited every year and request a copy of the audit.
HOAs are happy hunting grounds for fraudsters such as lane and many HOA board members.
remember people.........in this day and time financial fraud such is this is the way you get burned.
back in the 30s it was bank robbers like john dillinger ....but not anymore.
The HOA where I live was one of those who lost all of their money in the deal. They are keeping it a secret from the ordinary people, only those who are leaders need to know about it.
Attn 8:43 They are waiting to complete the remodeling of his new “cell” home so it will be up to his lofty standards.
HOAs, &/or their agent(s), are supposed to buy liability insurance, collect/receive dues, contract out maintenance and repairs and enforce covenants, among their several duties. How can the listed HOAs perform any of these services without access to their bank account? Sloppy oversight by HOA (or collusion?).
@11:13 am
RIGHT! Many HOA "board members" are pulling sh**. No one will get them in check.
Many are fantastic people, honest, transparent and go the extra mile.
But those bad ones. Lawd Help Us.
If you want to steal a LOT of money and avoid a long sentence for it, make sure you where a white shirt and a tie while you steal.
When I was on our HOA board a few years back he and I exchanged words because I smelled a fucking rat.
But I was the only guy amongst elderly women.
4:17 pm nails it. This is the USA in 2022.
@4:17 PM - Or be a close friend of Deputy Phil.
Does ANYBODY with ANY unnerstanding of “paper trail”
think that actual medical COSTS and payments to an interested party - bailing that party out of an ownership position, are even a scintilla
DIFFICULT to track? HUH??
WHAT. TH H E L L ????
An HOA that withholds information from participating members is not much better than the guy who is going to prison. Who the hell do these little emperors and empresses think they are? I'm not sure I'd pay another dime until there is full disclosure.
Put your dues money aside in a separate account and let these self-important bastards put a lien on the property.
@ 4:29 am - ill-gotten gains are taxable. There is no statute of limitations for assessing tax on income not reported if fraud is proven. Criminal Investigation Division of IRS will put their case together at their own pace. No worries, this may be training fodder for some of those 87k new hires. Collecting the tax, interest and whopping penalties could be challenging.
Federal sentencing guidelines fix the prison time. Judge has little discretion.
8:43 you don’t go to Federal Prison within 60 days before Valentines Day!
@6:58 am -- I'm guessing you mean a "Reserve Acct"?
I used to live in Timbers. The sad thing is the accounts were audited by the board every year. The only problem was they were provided fraudulent docments to audit. It's funny how nobody actually checks the bank account during the audit. I knew the Lanes were frauds after the first time I met them at HOA meeting.
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