Pelham man indicted for investment fraud

BIRMINGHAM, AL (WBRC) - The US Attorney's office has announced the indictment of a Pelham man for allegedly running an investment scam for four years.

66-year-old Paul Haskell Lane, Jr. faces 35 counts of wire fraud, one count of mail fraud and 18 counts of money laundering.

The U.S. Attorney's office says the scheme happened between 2004 and 2008 where Lane and others would solicit money to pay expenses of a personal-injury lawsuit for a member of the Lane family. According to the announcement, there never was a lawsuit.

Lane allegedly would promise repayment plus additional compensation when the lawsuit was concluded.  It is expected that he collected more than $400,000.

Lane faces 20 years in prison for each count of wire and mail fraud and 10 years for each money laundering count. There could also be a fine of up to $250,000.