LAS VEGAS A federal jury yesterday convicted a Henderson businessman of obtaining a $7.5 million member business loan from California’s Lockheed FCU, now Logix FCU, under false pretenses and skimming more than $1 million for his personal use.
Brent Lovett, 50, who ran Bay Resorts International, used the MBL proceeds to buy a Las Vegas property for $6 million, which he resold on the same day for $10 million to a company he secretly controlled, according to a prosecutors. He used $1.3 million of the loan proceeds to make four payments to the credit union, then let the loan go into default and, eventually, foreclosure.
Lovett, who defended himself during the trial, faces up to 30 years in prison when he is sentenced May 29.
The case was investigated by the FBI.