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DENVER—The U.S. Securities and Exchange Commission has filed a lawsuit claiming a Colorado Springs man defrauded investors of more than $31 million.
The lawsuit accuses Daniel Coddington of promising investors returns as high as 475 percent.
According to the Denver Post ( ), Coddington and his Golden Summit Investors Group claimed they were using investor funds in an equities trading program that relied on mortgage obligations. About a dozen other companies and individuals were named in the lawsuit.
Coddington could not be reached for comment.
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Information from: The Denver Post,
