PORTLAND, Ore. (AP) – A father and son have been indicted on charges accusing them of raising money for capital projects and using it to fund their own lavish lifestyles.
The Oregonian/OregonLive reports 62-year-old Ronald Stover of Tualatin and 40-year-old Jeffrey Stover of Wilsonville pleaded not guilty to federal wire and bankruptcy charges Monday in U.S. District Court in Portland.
The indictments claim the two men worked together for more than four years in a conspiracy to defraud investors. The charges say the financial fraud took place between approximately 2010 and 2015.
The indictments say Ronald Stover billed himself as someone who helped turn around financially-stressed companies. Documents say he told investors businesses needed additional capital for “available business opportunities.”
Both men were released from jail with likely financial restrictions to come while their cases proceed.