Chairman Of Board Of Spencer Company Pleads Guilty To Misusing Hundreds Of Thousands Of Dollars From Investors

Date posted - October 29, 2012

Spencer, Iowa — A 59-year-old Indiana man has pled guilty to misusing hundreds of thousands of dollars from investors.

His name is Lowell Gene Hancher. He goes by the name Bob Hancher and he was from Sheridan, Indiana. Hancher was chairman of the board for Cycle Country Accessories Corporation, with headquarters in Spencer. The firm makes accessories for golf carts and ATVs. Hancher admits in a plea agreement that he misappropriated “the vast majority” of the half a million dollars he was given to buy back stock so the company could be privately-held. Hancher admits to bilking investors in a similar scheme involving a company based in Colorado. Hancher faces up to 45 years in prison after pleading guilty to one count of wire fraud and one count of securities fraud.

In early 2011 as the result of a Securities and Exchange Commission investigation, Hancher agreed to repay the Spencer company for the money he stole, plus interest, but it’s unclear how much the company can get because Hancher’s assets are tied up in bankruptcy proceedings.

Story from RadioIowa

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