A certified public accountant systematically stole from college trust funds established for children of a family he had known for decades, the Denver grand jury said in indictments returned Thursday.
The theft was from the college trust funds set up for a boy born in 1991 and his sister, who was born in 1993. The thefts occurred over 17 years and were allegedly committed by 64-year-old Peter Davis Johnson, the grand jury said.
In all, Johnson allegedly stole $700,000 from the two funds.
Every year, the children’s father contributed $20,000 to each of the college trust funds. Johnson was the trustee for both.
Johnson had been the business and personal tax accountant for the children’s grandparents for years.
During the time he was allegedly raiding the trusts, he was generating fraudulent reports showing revenue being generated.
The grand jury said that over the years, Johnson had used the money for his personal and business expenses. An arrest warrant has been issued for him.
