Wednesday, November 10, 2021

David Lane Pleads Guilty

 The Justice Department issued the following statement.  

David Luke Lane, 78, pled guilty to bank fraud yesterday before United States District Judge Henry T. Wingate, announced Acting U.S. Attorney Darren J. LaMarca.  

According to court documents, David Luke Lane used his position as a property manager to defraud several Homeowners Associations (HOAs) and Community Bank of Mississippi.  Lane entered into contracts with the various HOAs to manage their properties and money in return for a fee.  Lane’s duties included keeping the funds of each HOA in designated bank accounts and using those funds for the exclusive and sole benefit of each HOA.  Instead, Lane defrauded numerous HOAs by making unauthorized withdrawals of funds from HOA bank accounts and by converting those funds to his own use instead of for the benefit of the HOAs. Lane falsely represented to the bank that he was authorized to make these withdrawals from the HOA accounts.  The total of funds taken from the HOAs by Lane exceeded two million dollars.

Lane is scheduled to be sentenced on Tuesday, February 11, 2022, and faces a maximum penalty of 30 years in federal prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The Federal Bureau of Investigation, the United States Postal Inspection Service, and the Internal Revenue Service are investigating the case, with assistance from the District Attorney's Office for Madison and Rankin Counties.

Kingfish note: There is no prosecution of his son unless the case is sealed.  However, the bill of Information does not refer to anyone else.  

15 comments:

Anonymous said...

Is it possible for him to have a plea agreement with the Federal Prosecutor that would absolve his son if he plead guilty? Also, since these are Federal charges, does this prevent prosecution in State/District Court?

Anonymous said...

So it was the elder Lane that stole the money, or is he taking the fall for his son? I'm a little confused on that one?

Anonymous said...

He's 78; what do y'all think... Good grief, this State is full of corrupt, stupid people.

Anonymous said...

David the younger is absolutely as guilty as his father. If not more so. The elder is simply throwing himself on his sword. If the younger Lane walks, it will be a travesty.

Anonymous said...

I notice among all the government agencies taking credit for this, none of them thanked the lady on the Bridgewater board who actually caught this guy.

Anonymous said...

Gen. Mike Flynn pled guilty in order for the feds to drop the case against his son.

I think we are seeing that here as well.

Anonymous said...

Seems like managing multiple HOAs could be a very, very lucrative business for an honest person. Or an open invitation for a crook.

Amazing that people don't choose to find a simple way to protect their collective funds. Funds collected, expenses out, final balance at the end of the year. Simple math.

Anonymous said...

"Lane falsely represented to the bank that he was authorized to make these withdrawals from the HOA accounts."

So, to be clear - a bank simply takes someone's word that he has the authority to shift money around and convert it to personal use, make withdrawals, etc.?

'Oh, hey...It's fine if I do this. No problem."
"Oh, OK. Have a good one. Here, take one of our green suckers."

Anonymous said...

this should be lesson in buying a home in a neiborhood that has a owners association that you must pay monthly dues to .
all of these homeowners associations are set up as NOT FOR PROFIT corporations.
there is not a legal entity in this country that are subject to less financial scrutiny than NFP CORPORATIONS.NFP corporations are routinely embezzled from by , in this case a 3nd party, but most often the persons elected to the homeowners or condominium board.
usually the by laws AND declaration of these boards require that the boards finances be audited every year ,hopefully to prevent embezzlement and fraud.
its easy for people to get on these boards so long as they own property in the neighborhood or condo project and also because its a job not many people want to undertake.
con artists routinely look for opportunities like this to bang a Home Owners association out of thousands of dollars,
and just call it a ''business deal gone bad'' when they get caught.
if they ever get caught that is.
IF YOU ARE A MEMBER OF A HOA GO CHECK AND MAKE SURE THE HOA HAS BEEN PROPERLY AUDITED, AND DONT BUY ANYTHING IN A NEIBORHOOD CONTROLLED BY AN HOA THAT HAS NOT BEEN PROPERLY AUDITED.
and next to nothing happens when they do get caught. HOAs are a fraudsters paradise.

Anonymous said...

Look around at who your HOA officers are. They're all control freaks, some just not as blatantly outward about their illness. I have no idea who steals or doesn't, but their true pleasure comes from being able to dictate.

They either got passed over for multiple promotions, never made cheer-leader, rode the bench, got put out early in dodge-ball, still had training wheels on their bike at age ten, constantly competed for the role of teacher's pet or thought they were in charge of the neighborhood tree-house.

They're sitting there right now, mentally composing their next memo telling you what to do...or deciding whose bush is too close to the street.

Anonymous said...

So where is the $2 million now? What did he spend it on?

Anonymous said...

9:07 My somewhat informed opinion is that the $2mm went into the black hole that is Lost Rabbit.

Anonymous said...

Lost rabbit pays HOA fees to the developer in Louisiana who does not provide financials. They provide an income statement only. They do allow the HOA members to elect advisory board who are not allowed to do much other than parties.

Anonymous said...



Restitution? Claw back of ill gotten assets? What a deal for his crooked son.

Probably house arrest because old crooked turd is seriously ill.

Anonymous said...

@2:09: My thoughts exactly. Maybe KF can investigate to determine if any of the defrauded HOA’s have sued the bank for negligently allowing Lane to access the monies in these accounts and embezzle some for himself. If what KF reports and implies is true, then Lane was not legally authorized to access and take control of these funds, but the Bank allowed him to because Lane told them it was all good. It’s not altogether surprising that a bank would do this (many such cases of improperly allowing access to accounts based on “his/her word”), but problematic nonetheless.


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