Ronald D. Gollehon, who enticed investors to support his development of an Internet game that never came to be, was sentenced this week to four years in prison and five years of mandatory parole.
He was ordered to pay $889,060 to the investors, including Phillips Godwin, who c & Exchange Commission about Gollehon’s spending.
Gollehon originally was charged with 56 counts of securities fraud and theft. He was in November 2013.
On Feb. 23, the Littleton man pleaded guilty to one count of securities fraud, said Jillian Sarmo, investor education & public affairs coordinator for the state’s Division of Securities. The state’s Attorney General’s office prosecuted Gollehon in Arapahoe County.
According to a lawsuit that Gollehon filed against Godwin for defamation and libel, the game “was to involve users of the Internet through social networks to play a social game, a portion of the profits going to save the Amazon rain forests,” according to a at the time.
Gollehon had collected about $900,000 from 95 investors in 15 states. According to Sarmo, Gollehon claimed to be a game developer and promoted shares of stock and told investors he was going public. The majority of investors were in Colorado.
Tamara Chuang: 303-954-1209, tchuang@denverpost.com or twitter.com/Gadgetress
