DENVER (AP) – A man accused of bilking the widow of a slain Denver police officer and other investors in what prosecutors say was a Ponzi scheme has pleaded guilty to one count of securities fraud.
A plea agreement says 45-year-old Xavier Joseph Duran could face up to 12 years in prison, but the sentence would be suspended if he pays restitution and completes 12 years of probation. Duran is scheduled to be sentenced Jan. 6.
An indictment alleged Duran stole more than $1 million from victims.
The Denver Post reports that one victim, Kelly Young, lost almost $800,000 in the death benefits and charitable contributions she collected after her husband, Donnie Young, was killed in 2005 while working security off duty.
(Copyright 2011 by The Associated Press. All Rights Reserved.)