(LAS VEGAS, KXNT)–Its six and a half years in prison for a former loan officer from Henderson in an investment scheme.
Prosecutors say Kamalu Gonzales received a million dollars from 16 victims to invest in a high-yield investment plan involving foreign currency markets.
Gonzales has been ordered to pay more than $800,000 in restitution.
He pleaded guilty last summer to fraud and money laundering charges. He reports to prison in April.
A release from the U.S. Attorneys Office in Las Vegas says that as a loan officer at Meridias Capital in 2007, Gonzales was refinancing homes, placing false information in loan applications so they could obtain additional cash, and telling customers he was an investor and trader in foreign currencies and could get them high yields. Some borrowed money from retirement funds or refinanceed their homes to turn over cash to Gonzales.