John R. Lakian hit with fraud charges

Written By Unknown on Kamis, 12 Februari 2015 | 18.38

John R. Lakian, who made unsuccessful bids for the Republican nomination for Massachusetts governor in the 1980s and for U.S. Senate nearly a decade later,­ is accused of scheming to defraud investors and banks of millions of dollars, according to federal prosecutors in New York.

Lakian, 72, and Dianne W. Lamm, 54, pleaded not guilty Feb. 4 to securities fraud and conspiracy to commit securities, wire and bank fraud, according to U.S. Attorney Loretta E. Lynch. They were released on $2 million bond, pending a March 20 status conference.

The two investment managers are accused of stealing investors' money to keep for themselves and to pay for restaurant ventures, prosecutors said.

"As alleged, Lakian and Lamm preyed upon more than 100 investors, in multiple schemes, stealing their hard-earned money to use for their own purposes," Lynch said in a statement. "They similarly dis­regarded the interests of lending institutions by submitting forged documents to banks in an attempt to fraudulently secure more than $8 million in loans."

A woman who answered the phone at Lakian's Manhattan address said he was unavailable. Lamm said: "I have no comment, other than to say that (the charges) are all false."

If convicted, the two face up to 30 years in prison for the bank fraud count, 20 years for each of the securities fraud counts and 5 years for the securities and wire fraud conspiracy counts.

In 1982, Lakian lost the Republican nomination for governor following reports that he lied on his resume. He unsuccessfully sued The Boston Globe for libel. His losing streak continued in 1994, when he lost the GOP nomination for U.S. Senate to Mitt Romney.


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