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U.S. ATTORNEY SENTENCES LYNN TO FOUR YEARS IN PRISON

 U.S. ATTORNEY SENTENCES LYNN TO FOUR YEARS IN PRISON
 DENVER, Jan. 6 /PRNewswire/ -- United States Attorney Michael J.


Norton announced that James F. Lynn Jr. of Aspen, Colo., was sentenced late Friday (Jan. 3, 1992) in U.S. District Court to a prison term of four years.
 According to a plea agreement, Lynn laundered in excess of $450,000 by engaging in financial transactions in order to conceal assets from the U.S. Bankruptcy Court.
 Lynn filed for a voluntary bankruptcy in October 1986 in Houston. As part of the bankruptcy filing, Lynn concealed his ownership of the Defiance Co. and the Mesquite Construction Co. Through Defiance, he owned and maintained restaurants in Aspen, Washington, and Houston. These restaurants were hidden from the Bankruptcy Court and his numerous creditors.
 Lynn used Mesquite Construction to construct these restaurants. Additionally, Lynn concealed his bank accounts in which he secretly maintained over $199,000. He also filed a false income tax return with the Bankruptcy Court during the court's proceedings.
 Lynn used most of the laundered money to purchase an interest in the Aspen restaurant known as Pinons.
 On May 2, 1988, the Bankruptcy Court ordered Lynn, as the alter ego of the Defiance Co., to turn over all records, assets and proceeds of the Defiance Co. to the Court. Instead of complying with this order, Lynn further attempted to conceal his ownership in Pinons by causing the alteration of the corporate stock certificates and shareholders agreement. These alterations made it appear that Lynn's son (James F. Lynn, III) and not himself owned the stock.
 The United States Attorney's Office was assisted in the grand jury investigation by special agents of the Criminal Investigation Division, Internal Revenue Service and the Federal Bureau of Investigation.
 -0- 1/6/92
 /CONTACT: Rosemary Campbell of the Internal Revenue Service, 303-844-3329/ CO: Internal Revenue Service ST: Colorado IN: SU:


MC -- DV004 -- 7109 01/06/92 18:37 EST
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Publication:PR Newswire
Date:Jan 6, 1992
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