CASTLE ROCK, Colo. (AP) — A Colorado man has been convicted on 25 counts of security fraud totaling $16 million.
The Denver Post reports a Colorado Department of Regulatory Agencies news release says Kelly James Schnorenberg, of Lone Tree, was convicted Oct. 22 by a Douglas District Court jury.
The release says Schnorenberg, from 2009 to 2015, solicited many investments personally, but also directed agents to solicit investments for his multiple insurance marketing organizations. When one company would encounter financial problems, Schnorenberg would create, and move on to, another company.
Securities fraud, also known as stock fraud and investment fraud, is a class three felony punishable by up to 12 years in prison for each count.
Schnorenberg is scheduled to be sentenced Dec. 17.
Information from: The Denver Post, http://www.denverpost.com