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Former evangelical pastor convicted of securities fraud

DENVER (AP) - A former evangelical pastor has been convicted of securities fraud and theft for his role in an investment scam involving more than 400 investors and $12 million in misappropriated funds.

Forty-eight-year-old Alan Scott faces up to 24 years in prison on his conviction.

Scott served as a customer service representative for the Vision Fund - an unlicensed hedge fund in Colorado Springs. Prosecutors say Scott failed to make the required disclosures. The hedge fund was put in receivership that returned about forty cents on the dollar - leaving investors with more than $12 million in losses.

In a separate judgment, Scott agreed to repay $850,000.

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