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.
KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.powered by Disqus