A person who pleaded responsible in Denver District Court docket to securities fraud and theft of $5.4 million has been sentenced to 12 years in jail.
Geoffrey Wescott James, 59, was additionally sentenced on Monday to pay greater than $5 million in restitution, in response to a Denver District Lawyer’s Workplace information launch.
James pleaded responsible in September to violating Colorado’s Organized Crime Management Act and to felony theft. He was indicted by a Denver grand jury in July 2020.
“This case ought to function a warning to others who might imagine they’ll get away with ‘white-collar crimes’ that we’ll maintain you accountable for any felony wrongdoing,” Denver DA Beth McCann said within the launch.
Prosecutors proved that James stole or misappropriated a minimum of $5.4 million from greater than 45investors between September 2012 and July 2020, the discharge stated. James, who was not a licensed dealer, promised purchasers returns of between 200% and 600% inside a 90-day interval, however did not uphold the phrases of his investor agreements. James additionally misused a considerable portion of the investments for his private profit.
He can be remanded to a federal jail in Oklahoma Metropolis on Dec. 21 to serve a concurrent sentence on a federal felony case to which he additionally pleaded responsible.