4 guilty of fraud netting millions

They spent lavishly, shelling out millions of dollars for the historic Redstone Castle near Aspen, eight NASCAR race cars and other items.

One problem: The money wasn't theirs to spend.

On Tuesday, a federal jury in Denver convicted the four businessmen on multiple fraud charges in connection with a high-yield investment scam that bilked more than 1,000 investors out of $56 million. Each faces years in prison and thousands of dollars in fines.

"I like that," victim Dorinda Bellas said when told of the verdict. "They didn't have any qualms about taking our money, so, hey, payback's a bitch."

Bellas, a Golden resident, said she invested $10,000 with the group, who told her they had World War II-era German war bonds that could be worth a fortune.

"Investment schemes, such as the one the defendants were found guilty of operating today, involve empty promises, and no real financial returns," said a statement from U.S. Attorney Troy Eid, who was at the Denver federal courthouse for the verdict.

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posted by steve_o @ 5/30/2007 12:25:00 PM