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Jan 25, 2011 7:28 AM by Bea Karnes

Colorado man convicted in $3.4 M Ponzi Scheme

DENVER (AP)-- A Colorado man faces more than 48 years in prison for his involvement in businesses that took out loans using fake home buyers.

The state Attorney General's Office said Monday that a jury convicted 39-year-old John Reinholdt of violating and conspiracy to violate the Colorado Organized Crime Control Act, as well as other felonies.

State and FBI investigators alleged that Reinholdt used 19 businesses to obtain loans using "straw'' home buyers and then used that money to repay interest on prior loans.

 

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