Man guilty of fraud receives 18 months

September 24, 1994|By Sheridan Lyons | Sheridan Lyons,Sun Staff Writer

A Baltimore County judge yesterday ordered a former Lutherville securities dealer to serve an 18-month sentence for fraud and the sale of unregistered securities.

Lee Paul Der, 53, formerly of the 13900 block of Mantua Mill Road in Glyndon, also was ordered to pay $695,200 in restitution to his investors, plus court costs and the $6,624.27 cost of the investigation by the Maryland attorney general.

Circuit Judge J. William Hinkel sentenced Der to 11 years, but suspended all but 18 months and recommended work release, saying he wanted to punish Der while making it possible to repay his victims.

Der, a native of China who grew up in Baltimore County, was arrested in September 1993 in Hong Kong.

He pleaded guilty in April to three charges. He and a co-defendant were accused of multiple counts of bilking 10 clients of more than $768,000 in a conspiracy dating back to 1987.

According to his guilty plea, Der used investors' money for personal bills, such as his children's tuition at the Friends School and Loyola College, and for expensive meals, luxury car leases, and vacations in Switzerland, Austria and the West Indies.

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