Michael Mendenhall (CRD #496391) a former broker with Colorado Financial Service Corporation and UVest Financial Services Group, Inc., was convicted of 25 counts of securities fraud and theft involving elderly victims, and sentenced to 30 years in prison and more than $1.4 million in restitution fees in Denver District Court.
The Denver District Court Judge said after sentencing, this case was unique because all of his victims had invested their life savings with him out of trust, not greed. The judge said that following his prison sentence, Mendenhall would be in a similar position to his victims when he is released, of senior age and without assets.
The original indictment identified 16 victims with losses totaling about $1.2 million. Mendenhall was also selling debentures which promised high interest rates that may have been fraudulent investments.
Just one example, the Michael Mendenhall arrest affidavit included the story of a South Dakota widower who worked for a telephone company for a years before becoming as a union representative until his retirement. After his wife’s death, the man contacted Mendenhall about a $62,000 annuity the couple had purchased together. He wanted to split it between his wife’s two children and him, but Mendenhall talked him into giving him a ninety-day loan of $61,500 to invest in a real estate deal. In the end, the document says Mendenhall only returned $10,000 of that total but wrote a promissory note for the remainder.
According to FINRA’s BrokerCheck, Michael Mendenhall was previously registered with FINRA at the following brokerage firms:
COLORADO FINANCIAL SERVICE CORPORATION
01/2010 – 10/2010
UVEST FINANCIAL SERVICES GROUP, INC.
GREENWOOD VILLAGE, CO
10/2005 – 11/2009
If you have experienced a financial loss due to Michael Mendenhall who was a broker with Colorado Financial Service Corporation, call Soreide Law Group at (888) 760-6552 for a free consultation with an attorney.