Broker pleads guilty in stock manipulation
TULSA, Okla. (AP) - The Justice Department says a former securities broker has pleaded guilty in Oklahoma to a charge related to a scheme to defraud thousands of investors.
The former Dallas resident, 39-year-old Joshua Wayne Lankford, pleaded guilty to one count of money laundering on Monday in the Northern District of Oklahoma.
Prosecutors in Tulsa say Lankford fled the country after he was accused of trying to bilk investors through an alleged stock manipulation scheme.
Lankford was among five people charged in a 24-count indictment in 2009. Authorities say Lankford fled to Costa Rica but was ultimately captured.
According to his guilty plea, Lankford admitted to laundering $250,000 generated by a the alleged scheme.
Sentencing is set for March 26. Lankford faces up to 10 years in prison and a $250,000 fine.
Copyright 2012 The Associated Press
This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.