ANCHORAGE, Alaska — An Oklahoma man has pleaded guilty to swindling Alaskans out of more than $300,000.
The U.S. attorney’s office says Donald Lee Smith, of Muldrow, Okla., made intentionally false misrepresentations about investment opportunities, neglecting to tell investors and lenders that he was using a large portion of their money to gamble in casinos instead of investing it. The office says the scam occurred between 2007 and 2008.
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Smith was indicted last year on 12 counts of mail and wire fraud and one count of money laundering. He pleaded guilty Monday to one count each of wire fraud and money laundering.
The U.S. attorney’s office says Smith lived in Alaska when the scheme began, later moving to Oklahoma.
Sentencing was set for October.
