Attorney General announces nine-year prison sentence for man who participated in securities fraud scheme

DENVER — Colorado Attorney General John Suthers announced today that a Larimer County District Court judge has sentenced Jeremy Michael Hart (DOB: 11/26/1973) to nine years in prison for his role in a securities fraud scheme. The judge also ordered Hart to pay roughly $3.4 million in restitution.

According to Hart’s indictment, he and a codefendant solicited more than $3.5 million from 29 investors from around Colorado in the Dreamweaver Foundation. Hart and Richard Dorr Novaria (DOB: 10/27/1964) were suspected of soliciting investments in supposed real estate, small business loans, bank products and bond funds. According to the indictment, investors were promised returns ranging from 7 percent to 14 percent. Both of the codefendants were suspected of using investors’ funds to pay for their own personal expenses. Both men also previously held securities licenses.

“Securities fraud is a serious issue facing Coloradans today,” Suthers said. “Consumers should always be cautious of vague investment offers or investments promising unusually high rates of return over short periods of time. If it sounds too good to be true, it probably is.”

The Office of the Attorney General investigated and prosecuted Hart in cooperation with the Colorado Division of Securities.

If you believe you have been defrauded in a securities scam, you can contact the Office of the Attorney General by calling 303-866-4500 and asking to speak to a securities fraud investigator. You also can contact the Colorado Division of Securities (303-894-232) and the Securities and Exchange Commission Office of Investor Education and Advocacy (1-800-732-0330 or 202-772-9295).

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