DENVER — Colorado Attorney General John Suthers announced today that Eugene Ronald Jackson (DOB: 8/9/1935) has pleaded guilty to securities fraud, a class-three felony, for defrauding investors out of $452,750 between August 2005 and August 2007.
According to the indictment, Jackson solicited investments by telling consumers he owned two patents for processes that waste could be converted into ethanol. Jackson even issued his investors stock certificates. Jackson, however, actually used roughly $400,000 of the money he raised for personal expenses, such as monthly mortgage and car payments. Jackson also failed to disclosure pertinent information to his investors, including that he had filed for bankruptcy and been sued in the past.
Under the plea deal, Jackson could face probation or anywhere from four to 12 years in prison. Jackson will be sentenced on Dec. 6, 2010 at 8 a.m. in a Jefferson County District Court.