Thursday, 28 July 2016
Last updated 12 min ago
May 7 2012 | 2:47pm ET
Colorado regulators have accused three men of soliciting investments for a $17.6 million hedge fund Ponzi scheme on the other side of the country.
According to the state's banking and securities commissioner, Michael McNamara, Jon Peterson and John Staiano raised about $5.4 million for the Pennsylvania-based Life's Good Family of Funds. The only problem, according to the commissioner, Fred Joseph, is that Life's Good founder Robert Stinson, was a "securities fraud recidivist." He's now serving 33 years in prison for the Life's Good scam.
According to Joseph, the three men raised money for Life's Good from 2007 until its collapse in 2010.
Joseph's lawsuit names the three Denver men and their companies, Brentwood Equity Advisors, Sierra Capital Resources and Jomac. All three firms are also based in Denver.