(Source: NBC Bay Area) – A South Bay man is due to be sentenced in Santa Clara County  Superior Court on Dec. 15 to five years in prison for defrauding investors in  two failed real estate projects of $1.2 million.Gary Lynn Mountain, 61, pleaded no contest before Superior Court  Judge Philip Pennypacker in San Jose on July 25 to five felony counts,  including securities fraud for failing to tell investors material facts and  grand theft of the funds entrusted to him.

Deputy District Attorney David Ezgar said Mountain admitted during  the plea to taking $1.2 million from 16 Bay Area investors for two projects  in Coos Bay, Ore., in 2005 and 2006 and causing the investors to incur a  “total loss” of that amount.     The plea agreement calls for Mountain to be sentenced by  Pennypacker on Dec. 15 to five years in prison, Ezgar said.

Source: NBC Bay Area

Tuesday, Aug 2, 2011  |  Updated 11:19 AM PDT

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