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Colorado Couple Sentenced Over Ponzi Scheme

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(credit: iStock)

(credit: iStock)

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DENVER (AP) – A Colorado couple accused in a Ponzi scheme that defrauded investors in 13 states and five foreign countries have received prison time.

Federal prosecutors said Monday that Richard Dalton, of Golden, has received a 10-year prison sentence after pleading guilty to money laundering. His wife, Marie Dalton, received a five-year sentence. She had pleaded guilty to conspiracy to commit mail fraud.

Restitution hasn’t been determined yet. Prosecutors say the net loss to victims was between $2.5 million and $7 million.

Court documents say the couple’s company Universal Consulting Resources had guaranteed investors annual returns of up to 120 percent on profits from trading in diamonds and international notes that were described as low risk, but in reality, new investors’ funds were used to pay purported profits to earlier investors.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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