February 5, 2016, John Lakian pleaded guilty to two counts of securities fraud for defrauding investors out of millions of dollars in two separate schemes. When sentenced, he faces a maximum sentence of 20 years' imprisonment on each count. Between 2009 and 2013, John Lakian and his partner Diane Lamm were involved in two schemes to steal investors' money. In the first, the defendants obtained more than $11 million by promising Capital L investors that their money would be used to purchase, consolidate, and sell registered investment advisory businesses. Instead, Lakian and Lamm diverted more than $3 million of it to themselves and to entities they owned and controlled. In the second scheme, the defendants perpetrated their fraud through their management of the liquidation of Aegis Capital, a North Carolina-based investment fund. Instead of returning investment proceeds to investors, Lakian and Lamm diverted more than $2 million of investors' money to themselves and to restaurant businesses they controlled. He has been charged with investment and bank fraud. According to Robert L. Capers, United States Attorney for the Eastern District of New York, "The defendants played a confidence game, stealing investors' hard-earned money through lies and deceit to use for their own purposes". "We remain steadfast in our commitment to the investigation and prosecution of those who prey on investors and enrich themselves by means of financial fraud." Personal life John Lakian attended Boston University and served as a lieutenant in the United States Army during the Vietnam war. He was awarded a Bronze Star with a "V" for valor for his combat operations. References Year of birth missing (living people) Living people American businesspeople United States Army personnel of the Vietnam War Boston University alumni Massachusetts Republicans Private equity and venture capital investors United States Army officers