FORT COLLINS, Colo.—A Windsor man accused of scamming $5.7 million from investors has been convicted of six felony fraud counts.
The Coloradoan newspaper reported Thursday () that Phillip Richard Trujillo was charged with misleading investors, deceitful business practices and theft. Prosecutors contended Trujillo’s Wealth Management Resources company cost many investors their life savings.
Assistant Attorney General Jean Woodford said that Trujillo told investors their money was safe, then used it on risky investments or to pay back other investors.
The defense argued that Trujillo received false information from investment managers.
Each felony count carries up to 12 years in prison and $750,000 in fines. Sentencing is set for March 7.
The Securities and Exchange Commission is seeking a $10 million fine against Trujillo on behalf of 64 investors.
