Golden – A 55-year-old man who defrauded more than two dozen people, most of them seniors, out of nearly $600,000 has been sentenced to 20 years in prison.
Andrew Paul Weis solicited money for retirement investments in Colorado and New Mexico, often during presentations at senior centers, according to Jefferson County court records.
Weis failed to invest the money as he said he would, documents show, and instead used the money to support his $200,000-a-year lifestyle.
Weis lived in Lakewood between 1999 and 2002 when he convinced people that his businesses were a safe way for people to invest their retirement savings.
He operated under the business names of Total Financial Management, Total Financial Group, Total Financial Fund and Total Financial.
Court documents said Weis did not tell investors that he was not licensed or authorized to work as a securities broker-deal or sales representative.
Weis pleaded guilty on Aug. 17 to two counts of securities fraud and one count of theft of an at-risk adult.
At his sentencing Thursday, Weis proposed being placed on probation so he could find a job and pay $2,000 a month to victims.
Jefferson County District Court Judge Brooke Jackson said the plan wasn’t acceptable, citing the amount of money stolen, the length of time it would take to repay victims, the speculative nature of getting a job and Weis’ conduct and the harm that he caused.
Colorado Securities Commissioner Fred Joseph said Weis’ case should serve as a warning to investors to do their homework.
District Attorney Scott Storey said the situation reinforces his commitment to continue educating seniors about fraud.
Staff writer Ann Schrader can be reached at 303-278-3217 or aschrader@denverpost.com.
