DENVER - Gerald Milner was sentenced on Wednesday in Arapahoe District Court for defrauding four Colorado investors of $87,000 in connection with his computer technology companies, announced Colorado Attorney General John W. Suthers, and Colorado Securities Commissioner Fred J. Joseph.
Arapahoe County Judge Michael Spears ordered Milner, age 33, to pay back the $87,000 that he admitted to taking as part of his investment scam, and to spend his first 90 days of five years probation in the county jail.
Following an investigation by Commissioner Joseph’s office, the Attorney General’s staff obtained an indictment from the statewide grand jury. Milner was accused of soliciting investors to invest in his non-existent business ventures, all allegedly involved in computer technology. He identified investors by approaching individuals that he met through his work as a computer troubleshooter. Any investments he obtained were quickly turned into cash and spent for personal use. At least two of the victims were “at risk adults” in that they were over 60 years of age.
“The risk of financial fraud is increasing,” said Attorney General Suthers. “To best protect their financial security, consumers should constantly be on the look-out for potential scams.”
“I strongly encourage investors to question the credibility of stock promoters and to contact our office if they have questions before they invest,” said Commissioner Joseph. “A simple phone call may save them thousands of dollars.”