Man Faces Forty Years For Fraud

A former independent financial adviser faces up to 40 years in prison for a fraud scheme that cost clients nearly $1 million. 56 year old, Michael Leamnson of Roanoke pleaded guilty in Lynchburg to one count each of wire fraud and mail fraud. During Thursday’s plea hearing, Leamnson admitted depositing clients’ money into a checking account instead of investing the funds. The U.S. Attorney says many of the victims are elderly investing their life savings. Leamnson faces up to 20 years in prison on each count.