Securities: Man Indicted for $9.4 Million Securities Fraud

Robert O. Bryant, 49, has been indicted on 49 counts of securities fraud and one count of theft, said the Colorado Attorney General. He will face penalties of up to 12 years in jail and up to $750,000 in fines on each of the counts. Bryant was involved in a scam that promised investors high rates of return on loans backed by deeded real estate.

Man Indicted for $9.4 Million Securities Fraud

Bryant and his partner in crime, Salvatore Favata from Orange County, California, are believed to have approached consumers by saying that they were representing individuals needing loans with real property as collateral. However, such property frequently never existed. Bryant is believed to have taking more than $9.4 million from Colorado families through 130 different transactions. Over $8 million has not been repaid. John Suthers, the Colorado Attorney General, said that "individuals who commit securities fraud prey upon the the trust and good faith of Coloradoans. Cases like this demonstrate that fraudulent activity will not go unnoticed, and responsible parties will be held accountable."