PORTLAND, Ore. (AP) — A federal jury has convicted a man for his role in an Oregon-based gold mining scam that investigators say swindled $3.2 million from 140 investors.
The Oregonian/OregonLive reports 78-year-old Harry Dean Proudfoot was found guilty Wednesday of wire fraud, money laundering, and conspiracy to commit wire fraud and money laundering.
According to court records, Proudfoot formed Tigard-based 3 Eagles Research and Development in 2008 and sought investors through 2012. He promised to use their money to mine two gravel pits in Ohio.
Federal officials say Proudfoot and his children used the money for living expenses, cars and travel as well as to pay credit card bills and medical costs.
Proudfoot is scheduled to be sentenced in April.