Getting your player ready...
DENVER—A former stockbroker who pleaded guilty to securities fraud has been sentenced to five years in prison and must pay restitution of more than $765,000.
The state attorney general’s office announced 64-year-old Derek Roy Kent’s sentence on Monday.
A state grand jury indictment alleged Kent and 37-year-old Adam Kelepolo raised $458,000 from investors for construction projects including a business campus in Larkspur, but some of the investors’ funds was used to make bank loan payments without investors knowing.
Kelepolo also was accused of using the money for personal expenses, including gambling expenses at Cripple Creek casinos.
Kelepolo is scheduled to go to trial May 4 in Douglas County District Court.
