Rick D. Van Vleet, 63, of Fort Collins, Colorado, pleaded guilty to one count of investment fraud today. Van Vleet allegedly raised millions of dollars to finance resorts, a music venture and other enterprises. He was specifically charged with pocketing nearly $3 million in investor funds he raised to develop retail kiosks for downloading MP3s called TouchStand kiosks. Prosecutors described the fraud as a classic Ponzi scheme, promising high returns to investors. He was originally indicted on five counts of securities fraud and two counts of theft of more than $15,000. Van Vleet filed for bankruptcy in 2006. He faces 12 years in prison at sentencing, which is scheduled for February 24, 2008.Wednesday, November 12, 2008
Colorado Man Pleads Guilty To Investment Fraud
Rick D. Van Vleet, 63, of Fort Collins, Colorado, pleaded guilty to one count of investment fraud today. Van Vleet allegedly raised millions of dollars to finance resorts, a music venture and other enterprises. He was specifically charged with pocketing nearly $3 million in investor funds he raised to develop retail kiosks for downloading MP3s called TouchStand kiosks. Prosecutors described the fraud as a classic Ponzi scheme, promising high returns to investors. He was originally indicted on five counts of securities fraud and two counts of theft of more than $15,000. Van Vleet filed for bankruptcy in 2006. He faces 12 years in prison at sentencing, which is scheduled for February 24, 2008.
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Did this scammer ever pay anyone he was court ordered to pay?
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