Gregory Russell Convicted in Alleged Colorado Investment Fraud
According to a recent article in the Denver Business Journal, Denver-resident Gregory Russell has been convicted of theft, securities fraud, and related charges for his part in an alleged investment scheme. The next status hearing in the case is scheduled for February 21. Michael Marshall, a co-defendant in the case, had previously pleaded guilty in the case and was given an eight-year prison sentence. Both men were accused of violating the Colorado Organized Crime Control Act.
According to the Denver District Attorney’s Office, Russell and Marshall misled investors about several investment opportunities, and the pair also allegedly failed to disclose important information to investors. Instead, Russell and Marshall were accused of using the money taken in from new investors to pay off prior investors in a Ponzi-scheme fashion. Additionally, the pair was accused of spending investors’ cash to pay off their own business expenses and debts.
Marshall, who was sentenced to eight years in prison, is currently on parole. Russell is currently being held in custody at the Denver Detention Center, and he will also be facing charges in a separate racketeering case that involved defrauding investors with an alleged silver refining scam.
Unfortunately, Ponzi schemes, investment scams, and unscrupulous brokers take millions of dollars from innocent investors every year. If you believe you have lost money in an investment scam, reach out to Meyer Wilson for help.