Mike nixon from clear lake charged
02-26-2006, 03:27 PM
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Mike nixon from clear lake charged
Glad they caught him, I did the clearlake poker run with him not long before that
A former Clear Lake businessman who faked his death after defrauding two banks was sentenced to more than seven years in prison Tuesday and ordered to repay $9 million.
A federal judge also ordered Larry Michael Nixon to pay a $3.5 million fine, but the government's chances of collecting it appear as remote as the banks' prospects for recovering their lost money.
Nixon was sentenced to 87 months in prison after pleading guilty to bank fraud in a scheme to sell nonexistent cranes.
"It was the trust you knew about and it was the trust you betrayed," U.S. District Judge Lynn Hughes told Nixon.
Nixon, 56, once known as "King of the Lake" for his parties and fondness for boats, acknowledged his crimes.
"I want to go back to work, pay taxes and, hopefully, I'll pay this off," he told Hughes.
Nixon was accused of defrauding Minnwest Bank Central in Montevideo, Minn., of about $4 million and Old National Bank of Evansville, Ind., of $6.6 million by tricking them into financing the purchases of nonexistent cranes.
Nixon disappeared after his speedboat smashed into a barge Aug. 27, 2003, in the Ship Channel. He was presumed dead until he was arrested in Parker County on Jan. 9, 2004, on a felony fraud warrant.
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A former Clear Lake businessman who faked his death after defrauding two banks was sentenced to more than seven years in prison Tuesday and ordered to repay $9 million.
A federal judge also ordered Larry Michael Nixon to pay a $3.5 million fine, but the government's chances of collecting it appear as remote as the banks' prospects for recovering their lost money.
Nixon was sentenced to 87 months in prison after pleading guilty to bank fraud in a scheme to sell nonexistent cranes.
"It was the trust you knew about and it was the trust you betrayed," U.S. District Judge Lynn Hughes told Nixon.
Nixon, 56, once known as "King of the Lake" for his parties and fondness for boats, acknowledged his crimes.
"I want to go back to work, pay taxes and, hopefully, I'll pay this off," he told Hughes.
Nixon was accused of defrauding Minnwest Bank Central in Montevideo, Minn., of about $4 million and Old National Bank of Evansville, Ind., of $6.6 million by tricking them into financing the purchases of nonexistent cranes.
Nixon disappeared after his speedboat smashed into a barge Aug. 27, 2003, in the Ship Channel. He was presumed dead until he was arrested in Parker County on Jan. 9, 2004, on a felony fraud warrant.
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