Real Estate Agent Sentenced In Ponzi Scheme
FORT COLLINS, Colo. (AP) – A Fort Collins estate agent and sports booster convicted in a Ponzi scheme has been sentenced to six years in the state Department of Corrections.
The Coloradoan reports that 68-year-old Jerry Brumit apologized to the several victims during the sentencing Monday. He added his intentions were good.
Brumit pleaded guilty in May to two counts of investment fraud. He was accused of promising to invest money from friends and real estate customers, but instead spent it on himself or to repay others.
Prosecutors say the fraud occurred from the mid- to late 2000s. Some of the victims said they lost their retirement savings.
Brumit has been ordered to repay about $600,000. Authorities say he could be sent to prison or a halfway house.
(Copyright 2011 by The Associated Press. All Rights Reserved.)