2 former Lexington busienss owners sentenced for wire fraud, money laundering
LEXINGTON, Ky. (WTVQ) — Two former Lexington business owners were sentenced Monday for wire fraud and money laundering.
Douglas Vance and Molly McKinnon, who convinced different investors that each owned a stake in the company Nex-Gen, were sentenced to 14.5 years and 13 years, respectively, for falsifying bank statements, financial reports, purchase orders, sales and production figures from August 2016 to December 2018.
The company Nex-Gen purported to produce “calcined coal” and other carbon-based products in Chavies.
The false documents convinced two companies to lend money to Nex-Gen and concealed that Vance and McKinnon were misappropriating both investor and lender funds.
They apparently defrauded investors and lenders out of more than $2 million, according to court documents.
Vance and McKinnon were convicted of the charges in October 2022.
