Convicted stockbroker Brian Prendergast received a six- year prison sentence for violating terms of his probation after allegedly soliciting senior citizens to invest in a fraudulent prime bank scheme, Colorado securities commissioner Fred Joseph and Arapahoe County District Attorney Carol Chambers announced Friday.
The Securities and Exchange Commission alleges that 15 investors invested more than $1 million with Prendergast, who had promised returns of 4 percent to 20 percent per month.
A jury found Prendergast guilty of 12 counts of securities fraud and one count of theft in 2002. He initially received 15 years of probation and a prohibition from participating in the securities business, a condition Prendergast admitted violating in May.
