We note that Dryer is a previously convicted felon, having been charged in a bank robbery in 1971 and two other securities fraud cases in the early 1980s.
Monday, February 23, 2009
Colorado Man Sentenced In Ponzi Scheme Case
Fredric “Rick” Dryer, 60, and the founder of Denver, Colorado-based Mile High Capital Group, LLC, was sentenced to 132 years in prison for operating a Ponzi-type investment fraud scheme. Dryer was convicted last July on 44 felony counts including securities fraud, theft and violation of Colorado’s organized crime laws related to the now-defunct Mile High Capital, purportedly a real estate investment firm. He was also ordered to pay $3.4 million in restitution to the victims of his fraud. Mile High Capital and two related entities attracted investors to purchase duplexes and resell them for a profit, promising as much as 12 percent returns. The company filed for bankruptcy and prosecutors allege that some 1,000 investors lost as much as $35 million. Two of Dryer's associates were also indicted in this case, Jeffrey Dietz, 36 and Richard Darrow, 41. Dietz ran Replacement Property Solutions Inc., a Mile High related entity.
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