A former Compass Financial Solutions employee has been convicted on multiple charges for his role in a $3 million dollar Ponzi scheme by a Colorado jury. The man, Kenneth Brewington of Corona, California is a former executive of the Denver-based financial company.
Between 2009 and 2011, Brewington and his co-conspirators ran a promissory note Ponzi scheme through Compass Financial Solutions, duping investors into giving him $3 million to access billions of dollars that were said to be in an overseas bank account.
Brewington solicited investors under the pretense that he was a billionaire, asking them to wire funds into an attorney trust account. Prosecutors said that he told investors he would use the funds to pay fees and tax penalties to access his wealth, which purportedly was located abroad.
Contrary to his sales pitch, Brewington and his co-conspirators used the ill-gotten gains for personal expenses and to repay other investors, a hallmark of a Ponzi scheme.
The jury found Brewington guilty of two counts of conspiracy, six counts of fraud, one count of money laundering, and two counts of engaging in transactions in property derived from the specified unlawful activity.
Brewington, along with associates William E. Dawn and Brian G. Elrod, were indicted in 2015. The three men will be sentenced later this month.
Have You Lost Money Investing with Kenneth Brewington or Compass Financial Solutions?
If you lost money investing with Kenneth Brewington or Compass Financial Solutions or think you may be a victim of investment fraud, contact an experienced investment fraud attorney today.
Speak to an Investment Fraud Attorney Today
If you are looking for a investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. will aggressively pursue claims to recover your investment losses