BOULDER, Colo.—A former Boulder private-fund manager and bank chairman has been sentenced to six years and six months in prison for defrauding his own investment fund.
The Daily Camera reports 47-year-old Mark Yost also was sentenced Thursday to pay $10.8 million to his victims.
Yost pleaded guilty to four counts of making false statements to banks and one count each of wire fraud, bank fraud and money laundering in February.
Yost was accused of using funds for his own benefit while chairman of the Boulder-based Flatirons Bank from January 2009 to last July, and of defrauding his investment fund Yost Partnership from 2005 to last July.
A lawsuit filed by state securities officials alleged about 50 people lost about $25 million they invested with him over the past 20 years.
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Information from: Daily Camera,
