San Francisco, California – Lawrence J. Gerrans, former chief executive officer of Sanovas, a San Rafael-based medical device company, was sentenced to 135 months in prison for wire fraud, money laundering, and related charges.
The sentence was handed down by the Honorable Edward M. Chen, U.S. District Judge, on January 12, 2015, and follows a guilty verdict after a two-week trial in January 2020.
Evidence at trial showed that Gerrans systematically transferred more than $2.6 million from Sanovas to himself and two shell companies he controlled, Halo Management Group and Hartford Legend Capital Enterprises, and then used the money to make an all-cash purchase of a luxury home in San Anselmo.
The home was purchased for more than $2.5 million, at least $2.3 million of which was laundered through Hartford Legend before being paid to the escrow account for the purchase.
Gerrans also made false statements to a newly-created board of directors to seek their approval for a lucrative compensation plan and for reimbursement of retirement account funds that Gerrans had liquidated in 2013 and 2014.
In addition to the prison term, Judge Chen also ordered Gerrans to serve a three-year term of supervised release to begin after the prison term.
Assistant U.S. Attorneys Robin Harris and Lloyd Farnham prosecuted the case with the assistance of Patricia Mahoney and Kimberly Richardson.
The prosecution is the result of an investigation by the Federal Bureau of Investigation.
Mandatory Facts:
Defendant: Lawrence J. Gerrans
Criminal Charges: wire fraud, money laundering, and related charges
City and State: San Francisco, California
Date: January 2020 (trial), March 16, 2015 (crime date)
Sentence: 135 months in prison
Dollar Amounts: $2.6 million (transferred), $2.5 million (home purchase), $2.3 million (laundered)
Related Federal Cases
- Christopher Furman, Wire Fraud and Money Laundering, Pennsylvania 2009 · California
- Detroit Federal Agents, Money Laundering, Detroit MI, 2024 · Michigan
- Amy Evangelista, Tax Fraud, California 2023 · Alaska
- Official 1 Name Not Given, Money Laundering, Washington (D.C.) 2023 · California
- Federal Regulators, Lifel, Securities Fraud, California 2020 · New York
Key Facts
- State: California
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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