DENVER—A former real estate promoter was sentenced Friday to 132 years in prison and ordered to pay $3.4 million in restitution after being convicted last year of 43 felony counts of theft, securities fraud, conspiracy and racketeering, the Denver district attorney’s office said.
Frederic “Rick” Dryer was founder of the now-bankrupt Mile High Capital Group, based in Greenwood Village, just south of Denver.
Prosecutors say the Mile High Capital Group took more than $34 million from 1,250 real estate investors who thought they were investing in the development of residential duplexes.
Dryer’s co-defendant Richard Darrow pleaded guilty earlier to violating the Colorado Organized Crime Control Act, the district attorney’s office said. He received a suspended 20-year prison term that requires two years in the Denver County Jail and 10 years of probation. He also was ordered to pay $1.15 million in restitution.
Another co-defendant, Jeffrey Dietz, pleaded guilty to securities fraud and was sentenced to two years of probation and ordered to pay $990,000 in restitution.
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Information from: The Denver Post,
