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.
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.