Securities Fraud Leads to Guilty Plea from Former Pastor
A former Boulder pastor has pleaded guilty to a felony securities fraud charge. Loren Ankarlo entered his guilty plea on Tuesday, December 14, 2010, in Boulder District Court.Mr. Ankarlo has been accused of approaching people whom he attended church with and bilking them out of thousands of dollars in what authorities have described as a Ponzi scheme. He allegedly raised between $200,000 and $275,000 from each investor through his company, One Source Group.
Investors were told that their money would be combined with other investors' as part of an investment “platform.” According to Boulder County District Attorney Stan Garnett, they were to receive net short-term returns of up to 50 percent.
Mr. Ankarlo admitted in court to making untrue statements or omitting information. Douglas Wertzbaugher and Kevin Lauritsen were also listed on the arrest warrant affidavit for their alleged involvement in the investment scam.
In light of Mr. Ankarlo’s guilty pleas, prosecutors agreed to dismiss three counts of felony securities fraud, three counts of felony theft and a count of conspiracy to commit securities fraud. Prosecutors also dismissed charges of violating the Colorado Organized Crime and Control Act.
A Lafayette couple reportedly lost $275,000 by investing with Mr. Ankarlo.
Mr. Ankarlo is expected back in court on February 11, 2010.
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