Niles Stansfield, a Fort Collins real estate agent, has been accused of
Texas real estate investment scam that allegedly promised
high returns to investors.
Through his Fort Lyon Farms, Inc., Stansfield is said to have taken in
money from 16 victims, which totaled $865,000. According to the allegation,
Stansfield told investors that he would purchase water rights along a
ditch near the Arkansas River to be sold to municipalities in Southern Colorado.
Unfortunately, not much of that money was thought to have gone into the
actual purchase of water rights.
Members of Stansfield church and members of Alcoholics Anonymous are both
said to have been targeted in this scam.
Stansfield faces 15 counts of securities fraud along with several additional
counts of theft. His trial had been delayed until this week due to a change
in lawyers, as his new representation had to review the evidence in this
Meyer Wilson represents victims of Texas securities fraud in FINRA arbitration,
mediation, and litigation.