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FORT COLLINS, Colo.—Fort Collins jurors convicted a man of 35 counts of securities fraud for an investment scheme prosecutors say robbed millions from Coloradans.
Gene Little faces up to 420 years in prison at his sentencing because each count is punishable by up to 12 years in prison. Jurors deliberated for more than two hours before reaching a verdict Tuesday.
Prosecutors say Little used a company named Managed Cash Flow to solicit investments from more than 300 Coloradans totaling more than $11 million from 2002 to 2006.
Little operated a Ponzi scheme to use money from some investors to pay others.
Prosecutors say 41 of Little’s investors never regained their money. Prosecutors are asking for $1.8 million in restitution.
