DENVER (KDVR) — A 59-year-old man was sentenced to 12 years in prison after pleading guilty to committing fraud and theft where he stole or misappropriated at least $5.4 million over seven years.
According to the Denver district attorney’s office, Geoffrey Wescott James was sentenced Monday to a 12-year prison sentence and to pay more than $5 million in restitution.
On July 1, 2020, Denver District Attorney Beth McCann announced that a grand jury indicted James, accusing him of committing theft and securities fraud. According to McCann, prosecutors were able to prove that James stole or misappropriated at least $5.4 million from more than 45 investors from September 2012 to July 2020.
According to the DA, James was able to gain the massive amount of money by allegedly defrauding investors through his companies Veritas Incorporated, Tandem Global Inc. and Wescott Special Services. He misled the investors by claiming to run a successful gold mining business.
In exchange for the investor’s business, James promised them a return of between 200% and 600% within a 90-day period and/or 20% per month in the form of cash, gold, diamonds or a combination, according to the DA.
James then failed to uphold the terms of his agreement and misused the investments for personal benefit. According to the DA, nearly all the investors sustained losses.
“This case should serve as a warning to others who may think they can get away with ‘white-collar crimes’ that we will hold you accountable for any criminal wrongdoing,” said McCann. “Investigators with the Division of Securities at the Colorado Department of Regulatory Agencies are to be commended for their great work and close collaboration with the Economic Crimes Unit of the Denver DA’s Office which secured this outcome.”
James will be held in federal prison in Oklahoma City and will serve a concurrent sentence.