2 Men Plead Not Guilty to Mail Fraud Charges
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Two Orange County men were arraigned Tuesday on federal charges of operating an investment scheme that allegedly defrauded retired people out of nearly $1.7 million.
Richard Francis Banville, 48, of Laguna Hills and Harold William Howell, 57, of Rancho Santa Margarita pleaded not guilty to conspiracy and mail fraud in connection with an alleged foreign currency exchange rate scheme involving some 200 investors.
Banville and Howell are accused of operating Trading West Inc., a company that until September 2000 solicited funds allegedly diverted for their own use or invested with major losses concealed from investors. Trial has been set for Oct. 25.
If convicted, the men could face 45 years in prison.
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