An East Wenatchee investment manager remains in jail for defrauding elderly clients out of nearly a million dollars. 55 year old Gregory D Lone pleaded guilty in Douglas County Superior Court last month to five counts of first-degree theft for a Ponzi scheme cost five Wenatchee Valley clients $480,000. Lone, through his investment firm Paramount Financial Advisors, used clients money between 2016 through 2019 using clients money while paying off returns to other clients. He was scheduled to be sentenced on Tuesday to three years in prison, however Judge Brian Huber decided to delay sentencing while he looked at case law on the issue. Huber went so far as to ask prosecutors if he could confine Lone for a longer term under an exceptional sentence. Lone was arrested in November of 2020 but remained free on $5,000 bond. Statments provided by two victims say the con job cost them their life savings, even Lone's family members were casualties, with his father suggesting the court impose a more severe sentence of seven to ten years. Final sentencing is expected in the coming days.
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