2 Accused In Colorado Of $30 Million Ponzi Schemes
DENVER (AP) -- Regulators have filed civil suits in Denver alleging two men bilked nearly 200 people of almost $30 million in separate Ponzi schemes.
The Denver Post reports the Securities and Exchange Commission awsuits in federal court accuse Richard Dalton, 64, of Golden of taking almost $20 million from 130 people.
Larry Michael Parrish, 46, of Walkersville, Md., is accused of bilking 70 investors of almost $10 million.
No one answered a call by The Associated Press to a phone listed for Dalton Friday. No listing could be found for Parrish.
The Post reports an arrest warrant was issued for Parrish when he failed to surrender his passport in court.
The lawsuits say investors were told their money would be kept in an escrow account and used to obtain loans and credit for investments.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
