Cedar Rapids man sentenced on federal fraud charges - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cedar Rapids man sentenced on federal fraud charges

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CEDAR RAPIDS (KWWL) -

A Cedar Rapids man will spend more than 11 years in prison after being sentenced on federal fraud charges. 

Donald K. Washburn, 63, was sentenced on Thursday after being convicted on twenty-eight counts of wire fraud, five counts of money laundering, and thirteen counts of making false statements to the United States Probation Office.

Court documents show that Washburn claimed he owned three mines, iron ore and other valuable minerals and asked people to invest in them.  They say he then used the investments for his own personal benefit.   They say Washburn also claimed he owned a casino dice game and sold exclusive licensing rights to his victims.

Court officials say that parts of both schemes happened while Washburn was on federal supervised release for a prior fraud conviction.

While on supervised release, officials say Washburn did not disclose financial transactions related to his schemes on monthly reports he was required to file.

Washburn was sentenced 11 years and five months in prison and was ordered to pay $842,830.00 in restitution, and was ordered to forfeit $983,060.24 to the United States.

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