A man convicted of 25 counts of securities fraud and theft involving elderly victims was sentenced to 30 years in prison and ordered to pay more than $1.4 million in restitution fees Friday in Denver District Court.
Michael Mendenhall, 49, abused his position as an insurance broker by persuading the victims, all of senior age, to withdraw large amounts of money to invest with him in return for promissory notes, prosecutors said. Mendenhall used their money to pay off other investors and to fund his personal lifestyle and expenses instead of investing the money for his clients.
This case is unique, Denver District Judge Brian Whitney said, because all of his victims had invested their life savings with him out of trust, not greed. Whitney said Mendenhall will be in a similar position to the victims when he is released, of senior age and without assets. The Denver Post
