ESTATE


Real Estate Marketer Gets Jail for Ponzi Scheme
2009/02/27, 8:22 pm
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A Denver judge Friday sentenced Frederic “Rick” Dryer, founder of the now-bankrupt Mile High Captial Group, to 132 years in prison for masterminding a $34 million Ponzi scheme that duped 1,250 investors.

Dryer also was ordered to pay $3.43 million in restitution.

He and his two associates were indicted last summer. They were charged with consipiring to persuade investors to put down earnest money on duplexes, most of which never were built.

They never told investors that their company didn’t own the land on which the condos were supposed to be build. Among the victims is a woman who

Dryer and his associate Richard Darrow have been previously convicted of felonies.

Source: The Associated Press (02/21/09)

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