DENVER – Colorado Attorney General John Suthers today announced the indictment of Robert O. Bryant (DOB 10/7/1958) on 49 counts of securities fraud and one count of theft. Each of the counts is a class 3 felony, punishable by up to 12 years in prison and $750,000 in fines.
“Individuals who commit securities fraud prey upon the trust and good faith of Coloradans,” said Attorney General Suthers. “Cases like this demonstrate that fraudulent activity will not go unnoticed, and responsible parties will be held accountable.”
Bryant was allegedly involved in a scam that promised investors high rates of return on loans backed by deeded real estate. Bryant and his partner, Orange County California’s Salvatore Favata, approached consumers across the Front Range through California-based National Consumer Mortgage Company. Bryant allegedly claimed to represent individuals needing a loan with real property as collateral; often, when no such individuals or property actually existed. All told, Bryant is accused of taking in excess of $9.4 million from Colorado families through 130 different transactions. More than $8 million of those funds were never repaid.
The indictment was filed in Douglas County District Court. The Attorney General’s Office and 18th Judicial District Attorney are working cooperatively to prosecute the defendant. It should be noted, any indictment is merely an accusation and the defendant is presumed innocent until found guilty.