A New Yorker was sentenced to 77 months in prison for his role in a stock trading scheme in which he had joined forces with a Parker man.
Michael Todd Osborn, 46, of New York, was sentenced by U.S. District Court Judge Christine M. Arguello to 77 months in prison followed by three years of supervised release for his part in a wire fraud and money laundering scheme.
Osborn and his co-defendant Corey Earl Engelen, 47, of Parker, were indicted by a federal grand jury in Denver in 2015. Osborn pled guilty in February. He was ordered this month to pay a fine of $100,000 and restitution of $695,000 to the investors of this his fraudulent scheme.
Prosecutors said that the pair opened a trading fund, Infinite One LLC, and collected nearly $700,000 from investors. But the money was never used for trading, according to the government.
Read more at the Denver Business Journal: http://bit.ly/2gU8JEe