Attorney General announces guilty verdict for Loveland man who ran a $5.7 million investment-fraud scheme

DENVER — Colorado Attorney General John Suthers announced today that a Larimer County jury has convicted Phillip R. Trujillo (DOB: 7/21/1949) of Loveland of six felonies for his role in a running $5.7 million investment-fraud scheme.

According to the indictment, filed against Trujillo in June 2010, Trujillo’s scheme defrauded 70 investors with promises that their investments in entities named PTV 22, PTV 33 and PTV 44 would be free from risk and would generate generous returns. Trujillo did not disclose to their investors what their investments were actually being used to fund unsecured promissory notes and to then help pay legal fees related to those notes once they were in default. Trujillo also failed to disclose commissions paid to himself and personal loans he issued to himself using investors’ funds.

Trujillo’s codefendants, David M. Piatt (DOB: 9/8/1969) and Timothy B. Burk (DOB: 1/23/1962) each pleaded guilty to securities fraud, a class-three felony, on March 23, 2011 and received one-year deferred sentences. As part of the sentences, Piatt and Burk agreed to pay about $1.2 million in restitution.

Trujillo could face up to 12 years in prison and up to $750,000 in fines on each of the six class-three felonies. He is scheduled to be sentenced on March 7, 2012 at 1:30 p.m.

Consumers who believe they have been defrauded in a securities fraud scheme can files complaints with the Office of the Attorney General via


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