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On May 12, the Department of Justice (DOJ) announced that a federal district court in Colorado unsealed an indictment alleging that two individuals ran a Ponzi scheme that raised approximately $650 million from investors around the country from late 2017 to early 2019.
The defendants allegedly solicited hundreds of millions of dollars from victim-investors based on false and fraudulent pretenses, including misrepresentations that the investments would be backed by short-term investments in cattle. The defendants also allegedly solicited funds using false and fraudulent pretenses for their Colorado-based marijuana business. The defendants allegedly promised investors returns of approximately 10% to 20% over periods as short as several weeks and never told investors that, in actuality, the defendants were primarily using investments to repay other investors as part of a Ponzi-style scheme or to enrich themselves. The defendants were each charged with one…
