PricewaterhouseCoopers has been hired to assess the financial health of Mile High Capital Group, the Englewood real- estate investment firm under investigation for alleged securities violations.
Denver consulting company Hall Wells DiNardo LLC, the court-appointed receiver for Mile High Capital, last week hired the global accounting giant for the task.
The firm has yet to start its analysis, which is intended to determine whether Mile High has sufficient assets to continue operating, said Fred Joseph, the state’s securities commissioner.
The audit will take several weeks to complete, he said.
John DiNardo, the receiver, has not returned phone messages. A receiver takes possession of, but is not title to, the business assets and operations of a legally troubled or bankrupt company.
DiNardo is expected to submit a written report to Joseph by Dec. 7.
Privately held Mile High promotes investment in real estate at seminars.
Denver District Court filings show the company raised at least $1 million from March 2002 to the present.
However, state regulators are investigating possible violations of state securities laws. Specifically, Mile High allegedly was selling unregistered securities, Joseph said.
As a result, investors may not have been told all of the risk factors involved with the real-estate investments.
The case is a civil matter, although the investigation could produce criminal charges, Joseph said.
“Our main concern is investors getting their money back,” Joseph said.
Staff writer Will Shanley can be reached at 303-820-1260 or wshanley@denverpost.com.
