A Longmont investment adviser has pleaded guilty to swindling dozens of teachers in 11 Colorado school districts.
Gordon Robert Moore pleaded guilty for his role in an investment scam involving 141 public-school teachers, Colorado Attorney General John Suthers said Tuesday. Moore illegally transferred nearly $1.7 million from accounts with the Public Employees Retirement Association into accounts he controlled, Suthers said.
Moore pleaded guilty to felony theft, felony computer crime and felony securities fraud. He is to be sentenced Feb. 26.
Moore was formerly employed by AXA Equitable as an investment adviser. Investigators said that in that capacity, he contacted schoolteachers from districts across Colorado and asked them to move funds from their 401(k) accounts with PERA into different accounts with AXA.
Suthers said that because retirement funds cannot be transferred for currently employed teachers, Moore would submit forged documents to PERA indicating that the teachers had been terminated. Investigators said that Moore illegally transferred nearly $1.7 million from PERA into AXA accounts.
