Man who defrauded Siouxland business is sentenced - KTIV News 4 Sioux City IA: News, Weather and Sports

Man who defrauded Siouxland business is sentenced

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It's prison time for an Indiana man who defrauded a Siouxland business and Iowa investors out of more than $3-million.

59-year old Lowell Hancher has been sentenced to eight years in federal prison.

He pleaded guilty to one count each of wire fraud and securities fraud.

Hancher admitted he used his position as board chairman for Cycle Country Accessories in Spencer to steal more than half-a-million dollars from the firm.

He also admitted that he fraudulently took money from investors on the guise of it being for a Colorado contracting firm.

Hancher was also ordered to pay $3.1-million in restitution.

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