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April 16,
2003
Contact: Lynn Kimbrough,
720-913-9025
FORMER
FINANCIAL ADVISOR INDICTED ON 29 COUNTS
The Denver Grand Jury returned an
indictment today against William "Will" Hoover (DOB: 10-2-51), a
former financial advisor in Denver. The indictment charges
Hoover with 15 counts of theft (F3), 13 counts of
securities fraud (F3), and 1 count of violation of the
organized crime control act (F2).
The indictment alleges Hoover
conducted the charged activities through two companies - the
Will Hoover Company & Bird Ventures LLC between January 2000 and
April 2003. The alleged losses of the victims named in the
indictment exceed $11 million dollars.
Each charge of
securities fraud and theft carries a potential prison sentence
of up to 12 years in the presumptive range. The COCCA charge
carries a possible sentence of up to 24 years in the presumptive
range. Hoover was taken into custody today, April 16, 2003.
His bond has been set at $100,000 and he was ordered to
surrender his passport.
The indictment
is the result of a joint investigation by the Colorado Division
of Securities, the U.S. Department of Labor – Employee Benefits
Security Administration, and the Denver District Attorney’s
Office, Economic Crime Unit. The investigation is ongoing.
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