LAS VEGAS — A man accused of taking $8 million in cash from a financial management company has been sentenced to 15 years in prison.
Jeffrey DeBoer, 30, of New York, pleaded guilty to wire fraud, wire fraud conspiracy and criminal mischief charges stemming from a scheme to defraud the firm in August 2016.
DeBoers alleged he stole money from a mutual fund management company in Las Vegas.
The FBI said the scheme was part of an elaborate money laundering scheme that also involved DeBoars father and an unnamed associate.
The scheme involved Deboers father and a second associate who used the money to buy property in Nevada, according to the indictment.
Prosecutors said DeBoos father stole money that was supposed to be used to repay debts incurred by a mutual funds company in exchange for loans from the mutual funds.
The indictment said the funds were not in DeBoas name and that the father was not aware that his son was using them.
DeBoers father told the court that he was not involved in the scheme and was not personally liable for any losses.
Prosecutors say the scheme involved a $2.9 million loan from a private bank to the mutual fund company, and DeBo’s son and his associate took control of the money.
De Boers son later transferred it to a third person and took control again.
De Boers father allegedly sold the funds to another company in a scheme that netted $3.9.5 million, prosecutors said.
Prosecutors allege the scheme resulted in the loss of $8,500,000, of which $2,900,000 was to the funds, and the son and the associate used the proceeds to buy and renovate properties in Las Angeles.
DeBoes father also faces charges of mail fraud, money laundering, theft, falsifying financial statements and conspiracy.
He is scheduled to be sentenced May 30.