Promissory Note Fraud Results in Felony Conviction
Phillip R. Trujillo, of Loveland, has recently been convicted on six felony charges related to alleged acts of investment fraud. According to court records, Trujillo was working as an investment advisor, and he had been working in that industry for more than 27 years. Trujillo was licensed as an investment advisor in 30 states.
The alleged investment scam is said to have taken almost $6 million from 70 investors. It is believed that Trujillo lured investors in with the promise of big returns and absolutely no risk. Unfortunately for investors, Trujillo allegedly failed to disclose that investors' money was actually going into promissory notes, which were unsecured, and also failed to disclose that he was making commissions on those investments, along with information about associated fees.
With this conviction, Trujillo is looking at a potential 12 years in prison, along with fines for each felony count. The sentencing hearing is scheduled for March 7th of this year. Two other people have already pleaded guilty for their roles in the alleged promissory note fraud.
The investment fraud attorneys with Meyer Wilson represent investors nationwide in stockbroker mediation, arbitration, and litigation claims after investment fraud or stockbroker misconduct has led to losses. Speak with us today for more information about how we can help you recover from financial fraud. If you have additional questions about protecting yourself from these kinds of scams, read David P. Meyer’s FREE guideFive Signs of Investment Fraud …And What to Do if it’s Happened to You.