A Denver attorney pleaded guilty Tuesday in New Jersey to conspiracy charges in two stock-fraud and money-laundering schemes that cost investors more than $15 million, the U.S. Department of Justice said.
Peter G. Futro, 63, pleaded guilty to two counts of conspiracy to commit securities fraud and wire fraud and two counts of conspiracy to commit money laundering.
The charges carry maximum penalties of up to 20 years in prison and fines of $250,000 to $500,000 each. He also agreed to forfeit at least $6.8 million. His sentencing is set for June 1.
Futro could not be reached for comment Tuesday.
Futro was part of a scheme involving the fraudulent issuance, purchase and resale of the stock of St. Petersburg, Fla.-based TeleServices Internet Group Inc. (TSIG) and U.S. Medical Systems Corp. (MedSys), a New Jersey company, the New Jersey U.S. Attorney’s office said.
He and five other men “secretly gained control of nearly 100 million free-trading shares of TSIG stock and sold those shares in the public marketplace to unsuspecting investors,” U.S. Attorney Christopher Christie said in a statement.
Futro is a securities attorney and former chairman of MedSys. The company disclosed in February 2005 that it was the subject of a Securities and Exchange Commission investigation. In September 2005, FBI agents raided Futro’s downtown Denver law firm, Futro & Associates.
Staff writer Greg Griffin can be reached at 303-954-1241 or ggriffin@denverpost.com.
