A 49-year-old man, convicted of 25 counts of securities fraud and theft involving elderly victims, was sentenced to 30 years in prison and more than $1.4 million in restitution fees today in Denver District Court.
Michael Mendenhall abused his position as an insurance broker to convince his victims, all of senior age, to withdraw large amounts of money and invest them with him in return for promissory notes, prosecutors said. Mendenhall used their money to pay off other investors and fund his personal lifestyle and expenses instead of investing the money for his clients.
Kandace Gerdes, Denver Deputy District Attorney, prosecuted the case and requested that the court give Mendenhall a long prison sentence instead of probation.
This case was unique, said Denver District Court Judge Brian Whitney, because all of his victims had invested their life savings with him out of trust, not greed. Whitney said that following his prison sentence, Mendenhall would be in a similar position to his victims when he is released, of senior age and without assets.
The original indictment identified 16 victims with losses totaling about $1.2 million.
Kristen Leigh Painter: 303-954-1638 or kpainter@denverpost.com
