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A man who pleaded guilty in Denver District Court to securities fraud and theft of $5.4 million has been sentenced to 12 years in prison.
Geoffrey Wescott James, 59, was also sentenced on Monday to pay more than $5 million in restitution, according to a Denver District Attorney’s Office news release.
James pleaded guilty in September to violating Colorado’s Organized Crime Control Act and to felony theft. He was indicted by a Denver grand jury in July 2020.
“This case should serve as a warning to others who may think they can get away with ‘white-collar crimes’ that we will hold you accountable for any criminal wrongdoing,” Denver DA Beth McCann stated in the release.
Prosecutors proved that James stole or misappropriated at least $5.4 million from more than 45investors between September 2012 and July 2020, the release said. James, who was not a licensed broker, promised clients returns of between 200% and 600% within a 90-day period, but failed to uphold the terms of his investor agreements. James also misused a substantial portion of the investments for his personal benefit.
He will be remanded to a federal prison in Oklahoma City on Dec. 21 to serve a concurrent sentence on a federal criminal case to which he also pleaded guilty.
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