Denver Man Convicted In Nearly $10M Scam
DENVER (CBS4)- A jury found a Denver man guilty of taking nearly $10 million from investors.
Gregory Russell was found guilty of violating Colorado’s Organized Crime Control Act and multiple counts of securities fraud, theft and conspiracy.
Russell and a co-defendant, Michael Marshall, promoted various investment opportunities beginning in 2005 that defrauded investors by false and misleading representations and promises.
They failed to disclose prior investment business information, used investor funds to pay off debts from prior failed businesses and used investor funds to make interest payments to prior investors rather than actually investing the money.
Marshall pleaded guilty to violating Colorado’s Organized Crime Control Act and was sentenced to eight years in prison. He is currently on parole.
Russell remains in custody in the Denver Detention Center and is set for a status hearing on Feb. 21. His sentencing could range from probation to 276 years in prison.
He is also facing another racketeering indictment that is still pending in which he is accused of cheating investors who thought they were investing in a silver refining operation.