72-Year-Old Man Gets 330-Year Sentence

By: AP Email
By: AP Email

Denver (AP) A 72-year-old man has been sentenced to 330 years in prison for his role in a multimillion-dollar investment scam that helped buy the Redstone Castle mansion near Aspen.

Norman Schmidt was also ordered to forfeit $38.4 million.

U.S. District Judge Robert E. Blackburn handed down the sentence to Schmidt Tuesday. Schmidt's attorney, Thomas Hammond, said he planned to appeal the conviction and sentence.

Authorities say that from 1999 to 2003, Schmidt, his wife and five others raised millions of dollars from investors who were promised returns ranging from 2 percent to 400 percent – per month.

A jury convicted Schmidt last year of 37 counts on charges of money laundering and conspiracy to commit mail fraud, wire fraud and securities fraud.

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