Man Who Scammed Investors In Vacation Property Scheme Gets 16 Years
DENVER (CBS4) – A man accused of fraudulently obtaining more than $8 million from investors in a vacation property scheme has been sentenced.
Lynn Kimbrough with the district attorney’s office said Brian Wellens, 43, was sentenced to 16 years in prison with five years of mandatory parole.
Wellens was found guilty of violating the Colorado Organized Crime Control Act and multiple counts of securities fraud last November.
“From 2006 until 2011, Wellens promoted a real estate vacation investment through his company called Continental Resort Homes, but instead of purchasing vacation properties as promoted, he used a substantial amount of the money for his personal expenses and other businesses,” Kimbrough said in a statement.
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