A Boulder banker and investor has been sentenced to more than six years in prison and ordered to pay more than $10 million in restitution.
Mark Yost, manager of Yost Partnership, L.P., was sentenced last week in federal court for fraud, false statements and money laundering, according to a media release from the U.S. Attorney’s Office District of Colorado.
U.S. District Court Judge Lewis T. Babcock ordered Yost to serve 78 months in federal prison and to pay $10,880,626 in restitution to victims of his crimes.
Babcock handed down the sentence on May 12.
In February Yost pleaded guilty to seven counts against him.
Yost, a former manager of Yost Partnership and Flatirons Bank executive, received investor funds to trade in securities and to make other investments, the release said. From February of 2005 through July of 2010, Yost defrauded limited partners by means of materially false and fraudulent pretenses, prosecutors said.
Yost prepared false account statements, overstating the value of the limited partner’s share in the assets of Yost Partnership, and delivered the misleading information to limited partners.
Yost diverted money, which he was not entitled to, and converted the funds for his own use and benefit. He also made multiple false statements to banks and falsified reports to obtain lines of credit and a loan, according to the release. Financial statements for Yost Partnership from 2005 through 2009 falsely misrepresented the partnership’s total assets.
Victims include: Flatirons Bank in Boulder; First State Bank and Trust Company of Fremont, Neb.; American National Bank of Fremont in Fremont, Neb.; Kanabec State Bank in Mora, Minn.; and First Citizens National Bank in Mason City, Iowa.
