A jury found real estate developer C. Dean Larsen guilty of second-degree felony theft late Thursday after a two-week trial in 3rd District Court.
The six woman, two man jury concluded that Larsen stole the proceeds from the sale of a Nevada mobile home park from four partners who owned the park with him."The money was taken and used to prop up Granada which was hurtling toward bankruptcy at the time," Griffin said.
State prosecutors argued that after the Las Vegas park was sold in October 1986, Larsen took over $1 million in profits. "Over $800,000 belonged to the other limited partners," said assistant state attorney general Mark Griffin.
Larsen used the money to pay off Granada's debt, cover payroll and pay Granada's operating expenses, Griffin said.
Another jury convicted Larsen on 18 felony counts of securities fraud last summer. Judge Leonard Russon sentenced Larsen to nine years in prison for those counts.
The state pushed ahead with the second trial because it wants an array of convictions against Larsen to show the magnitude of his wrongdoing during his operation of Granada, a real estate development company, Griffin said.
Larsen still faces three more trials on the 23 remaining felony counts, but the state hasn't decided whether to go ahead with those trials, Griffin said.