June 17, 2005
Contact: Lynn
Kimbrough,
720-913-9025
JUDGE ORDERS PRISON TIME IN
SECURITY FRAUD CASE
A Denver District Court Judge has handed down a maximum prison
sentence to a man who took nearly a million dollars from a
half-dozen victims in a securities fraud scheme.
James Laughlin Wright
(DOB: 03-04-63) was indicted in August 2004 for securities fraud
and theft. He pleaded guilty earlier this year to one count of
securities fraud. Wright placed investor money in an E-trade
account and promised high returns. Wright lost money, however,
and then convinced new and returning investors to give him more
money by creating false financial statements showing high
returns.
Judge Sheila Rappaport sentenced Wright to 12 years in the
Colorado Department of Corrections today. Restitution was
ordered for the cost of extradition (Wright fled Colorado and
had to be extradited.) There will be a restitution hearing to
address the $960,000 still owed to six victims.
-30-
*The
filing of a criminal charge is merely a formal accusation
that an individual(s) committed a crime(s) under Colorado
laws. A defendant is presumed innocent until and unless
proven guilty. See Colo. RPC 3.6
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