Posted: Jan 27, 2011 6:12 AM by Bea Karnes
BOULDER, Colo. (AP)-A former Boulder private-fund manager has pleaded not guilty to multiple counts of financial fraud and money laundering.
The U.S. attorney's office for Colorado says 47-year-old Mark Yost, who entered the plea Wednesday, is accused of defrauding Yost Partnership from 2005 to last July. Authorities say he inflated the partnership's interest in companies, diverted funds to his own use and made false statements to banks.
Yost is also accused of using funds for his own benefit while he was acting president of Boulder-based Flatirons bank from January 2009 to last July.
The Boulder Daily Camera reports that a lawsuit by Colorado securities officials claims that about 50 people lost about $25 million they invested with him over the last 20 years.