DENVER—A 49-year-old insurance broker who stole large amounts of money from elderly clients has been sentenced to 30 years in prison and must pay more than $1.4 million in restitution.
District Judge Brian Whitney sentenced Michael Mendenhall in Denver on Friday.
The Denver Post () reports Mendenhall was convicted of 25 counts of securities fraud and theft after prosecutors say he persuaded the victims to invest with him in return for promissory notes. He was accused of using their money to pay off other investors and to fund his personal lifestyle, instead of investing the money.
Whitney noted at the hearing that Mendenhall will be in a similar position to his victims when he is released from prison—of senior age and without assets.
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Information from: The Denver Post,
