A Gatlinburg investor faces a maximum of 40 years in prison, over $1.2 million in fines, and 8 years probation on charges of money laundering and wire fraud.

Dennis Bolze, 60, made his first appearance in Tennessee district court this week after being arrested March 12 at his home in Jersey Shores, Pa. by federal authorities. The arraignment hearing, Bolze's second hearing since the charges were filed revealed that he could face up to 20 years in prison, a $250,000 fine, and three years probation if convicted of the wire fraud charge. Additionally, if subsequent litigation finds illegal actions made by Bolze affected a financial institution, government attorneys could push for a maximum sentence of 30 years in prison, plus a $1 million dollar fine and five years probation.

If convicted on the money laundering charge, Bolze will face an additional sentence of 10 years in prison, plus a $250,000 fine and three years probation. He will also be responsible for making restitutions to those affected if he is found guilty on one or both of the charges filed.

The charges against Bolze stem from allegations that he ran a fraudulent day-trading operation, taking on new investments to pay off prior clients while clearing a sizeable profit. Having signed an affidavit declaring he has no money for representation, U.S. District Court Judge Bruce Guyton called on Kim Tolliver of the public defenders office to argue for Bolze.

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