DENVER (CBS4) – A man received 24 years in prison for bilking millions out of investors in a scam.

Gregory Russell, 50, is accused of taking $9.7 million dollars from investors, then cheating additional victims in a silver refining scam while out on bond.

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Russell was found guilty earlier of violating Colorado’s Organized Crime Control Act and multiple counts of securities fraud, theft and conspiracy.

Lynn Kimbrough with the district attorney’s office said Russell was sentenced to 18 years in prison on the first case and 24 years in prison on the second case.

“The judge ordered the sentences to be served concurrent to each other, resulting in a 24-year term in the Colorado Department of Corrections,” Kimbrough said in a statement.

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According to Kimbrough, Russell and co-defendant, Michael Marshall, 64, promoted various investment opportunities beginning in 2005 that defrauded investors by false and misleading representations and promises.

“They 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,” Kimbrough said. “Russell also was indicted in a second racketeering case in which he cheated investors who thought they were investing is a silver refining operation.”

Marshall pleaded guilty earlier to violating the Colorado Organized Crime Control Act and was sentenced to 8 years in prison. He is currently on parole.

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Russell was also ordered to pay $3,948,899.90 in restitution.