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Lester and Laferte Sentenced

16 months after being convicted, Gold Country Lenders CEO Phil Lester and CFO Susan Laferte are going to prison for multiple counts of defrauding investors. After rejecting new trial motions, Nevada County Judge Candace Heidelberger has sentenced Lester to 15 years and Laferte to 9 years. Both had rejected plea agreements, which would have meant 5 years in prison for Lester and 2 years for Laferte. Laferte’s attorney, Greg Klein, says both sentences will be appealed. He says the jury never understood the law regarding securities fraud…

click to listen to Greg Klein

Lester and Laferte were arrested about 4 years ago for defrauding investors of more than one-million dollars over an 8-year period. A restitution hearing has been scheduled for November 7th, but Klein says it’s a waste of time…

click to listen to Greg Klein

The State Attorney General’s Office prosecuted the case. District Attorney Cliff Newell and his wife had signed up for a loan from Gold Country Lenders. Nevada County has been paying indigent defense costs, which exceeded $600,000. Klein says appealing the sentences will take at least 2 to 3 years, while Lester and Laferte remain incarcerated.

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