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El Paso County Ex-Deputy Gets Prison In Investment Scheme

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(credit: iStock)

(credit: iStock)

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DENVER (AP) – A former El Paso County sheriff’s deputy has been sentenced to 2 1/2 years in prison after pleading guilty to charges of running a Ponzi scheme that lost more than $200,000 of investors’ money.

The U.S. attorney’s office says 46-year-old David N. Hawkins of Colorado Springs was sentenced Tuesday.

Hawkins pleaded guilty in March to wire fraud and money laundering.

Prosecutors say he collected more than $1.2 million in investments from more than 70 people, including other law-enforcement officers. Authorities say some invested retirement savings.

Prosecutors say Hawkins promised returns of 10 percent a month from foreign currency trading.

Hawkins was accused of spending more than $175,000 of the money on cars and other personal expenses and using some investors’ money to pay others who wanted to withdraw their funds.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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