Ponzi Scheme Mastermind Sentenced

FORT COLLINS, Colo. (CBS4)- A man who pleaded guilty to theft in connection to a ponzi scheme was sentenced to five years in prison. Richard Mayfield was sentenced on Friday.

Mayfield, 72, pleaded guilty to theft, a class four felony, on July 21. He was arrested in April.

Larimer County Deputy District Attorney Christopher Rossi stated that Mayfield preyed on both elderly and at-risk adults resulting in a loss to the victims in excess of $271,000.

Mayfield will serve his sentence in the Department of Corrections.