FORT COLLINS, Colo. (AP) – A 72-year-old man accused of defrauding investors whose trust he had gained through Alcoholics Anonymous meetings is due to be sentenced for theft Sept. 15.
Richard Horace Mayfield pleaded guilty Thursday in Larimer County to theft amounting to $1,000 to $20,000. The charge is punishable by up to six years in prison and a $500,000 fine.
The Coloradoan reports Mayfield was accused of defrauding 22 people in a Ponzi-like scheme.
Mayfield ran The Maverick Sales Group and Richard H. Mayfield and Associates between the mid-1990s and 2010.
(Copyright 2011 by The Associated Press. All Rights Reserved.)