Man pleads guilty to money laundering; Son’s charges dropped

PORTLAND, Ore. (AP) — A Tualatin man has pleaded guilty to money laundering in federal court following a negotiated agreement that will result in all federal charges being dismissed against his son.

The Oregonian/OregonLive reports 64-year-old Ronald Stover pleaded guilty Tuesday. Stover, who suffers from advanced stage cancer, is expected to face five years of probation and $3.2 million in restitution at his February sentencing.

In 2016, Stover and his son Jeffrey Stover were indicted on federal wire and bankruptcy fraud charges, accused of purporting to raise money for different capital projects while using investors’ loans for personal use.

Prosecutors alleged that the two Stovers were working together for more than four years in the fraud conspiracy to fund their own lavish lifestyles between March 29, 2010, and March 10, 2015.