A Denver investment fund manager was sentenced to six years in prison and agreed to pay nearly $1 million in restitution after he ripped off clients.
Jason Lobins, founder of The Lobins Group LLC, pleaded guilty in March to one count of securities fraud and one count of theft, according to a Denver District Attorney’s Office news release. He was sentenced on Friday.
Lobins solicited investments from six known victims, who were his personal friends or acquaintances and an ex-girlfriend, and promised significant returns, the DA’s office stated. Instead, he deposited the money in his personal bank accounts and spent it on himself.
The fraud happened between April 2019 and December 2023 after he provided fraudulent reports and a number of promissory notes for his investors. He never returned the original investments or delivered profits, the DA’s news release stated. And his investors were never able to withdraw their investments. He walked away with $966,045.
