Three former executives of a Bend company that collapsed in 2008 amid fraud charges were sentenced Monday.
The Oregonian reported U. S. District Court Judge Anna Brown sentenced Mark Neuman, co-founder of Summit Accommodators, to more than six years and senior executives Timothy Larkin and Lane Lyons to more than four years, all on fraud and money laundering convictions.
The company's business was to hold the cash of customers engaged in tax-deferred real estate deals. It had average monthly assets of $109 million by 2006.
Prosecutors said the executives diverted some of the money, including to more than 100 real estate projects.
The business unraveled when land values plunged in the recession. Summit closed with no notice in December 2008, leaving customers out an estimated $13.7 million.