Fraud case nets Colorado Springs businessman a 16-year prison sentence

[unhappycamper]

http://gazette.com/fraud-case-nets-colorado-springs-businessman-a-16-year-prison-sentence/article/1512347



Brian Wellens

Fraud case nets Colorado Springs businessman a 16-year prison sentence
by WAYNE HEILMAN • Updated: January 10, 2014 at 3:08 am • Published: January 9, 2014 | 5:55 pm

A Denver District Court Judge sentenced a Colorado Springs business ownerThursday to 16 years in prison for using $8.5 million in investor money for his personal expenses and for other unrelated businesses.

Brian Wellens, 43, was convicted in November by a Denver jury on one count of racketeering and 12 counts of securities fraud in connection with vacation home investments he promoted from 2006 to 2011 through his Colorado Springs-based company, Continental Resort Homes.

He was sentenced to 12 yearson the racketeering count and four years for the securities fraud counts, which would be served back-to-back. He also received five years of parole on the racketeering conviction.

Joe Morales, chief deputy district attorney in Denver, said the sentence was "completely appropriate given the facts and that probation (sought by Wellens) was not appropriate, given the number of victims, the amount of money involved and the lack of disclosure by the defendant from the very beginning."



unhappycamper comment: Mr. Williams gets 16 years for $8.5 million dollars and Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Goldman Sachs CEOS are not even on Eric Holder's radar screen. Doncha just love our corporate government?

[Demeter]

1. I resent him being called a "business man"

He's nothing of the kind.

[Tansy_Gold]

2. Are you implying "fraud" isn't a business?

Seems to me it's America's #1 business! It's certainly the most profitable.

for the challenged.