BOULDER, Colo.—A former Boulder resident convicted of wire fraud stemming from an investment scam will spend time in federal prison.
The Daily Camera ( ) reports 44-year-old David Helm Taylor was sentenced this week to five years and 10 months and must pay $2.5 million in restitution.
Prosecutors say Taylor, also known as David Andrew Taylor, used a falsified investor background and solicited more than $2.2 million from more than 40 victims in Colorado and elsewhere in the U.S. He was accused of telling them he was investing in foreign currency futures, then lying about the performance of the investments.
At about the same time an investigation began into Taylor’s operation in 2006, prosecutors say he began running a Ponzi scheme in which he used new investor money to cover up trade losses.
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Information from: Daily Camera,
