DENVER (AP) — A Denver man has agreed to settle with federal officials after convincing investors to give him tens of millions of dollars in a cattle and marijuana Ponzi scheme.
The Denver Post reports that Mark Ray agreed to settle with the U.S. Securities and Exchange Commission to end the agency's fraud investigation.
Authorities say Ray channeled more than $140 million to pay off prior investors and his own medical bills, private flights and his own herd of show cattle from 2014 to March.
Federal authorities say Ray consented to having his assets frozen but he didn't acknowledge to any wrongdoing in the settlement.
Authorities say the business Universal Herbs was in deep debt and detailed descriptions of the cattle and feedlots were mostly lies.
Information from: The Denver Post, http://www.denverpost.com