DENVER, Co. – Daniel B. Rudden, age 71, of Denver, Colorado, was charged by criminal complaint with one count of Wire Fraud after implementing a multi-million dollar Ponzi scheme, U.S. Attorney Bob Troyer and FBI Denver Division Special Agent in Charge Calvin Shivers announced. Rudden appeared yesterday at the hearing pursuant to an arrest warrant and was released on a personal recognizance bond.
According to court records, including the affidavit in support of the Criminal Complaint, on July 9, 2018, a California resident contacted the FBI to report she was defrauded of approximately $300,000 by Rudden. On one occasion, in January 2017, the victim wired $100,000 to Rudden and/or Rudden’s company Financial Visions (FV) at Colorado State Bank and Trust. Rudden told the victim her money would be used to “factor” funeral expenses. According to the victim, Rudden said he loaned people money to pay for funeral expenses until insurance payments were received or other payment arrangements could be made.
The affidavit alleges that Rudden ran his business as a Ponzi scheme and that he received about $55 million from approximately 150 investors located in Colorado and other states.
The matter is being investigated by the FBI, and the defendant is being prosecuted by Assistant U.S. Attorney Martha A. Paluch, Chief of the Economic Crime Section.
A criminal complaint is a probable cause charging document. Anyone accused of committing a felony violation of federal law has a constitutional right to be indicted by a grand jury. The charges in the complaint are allegations and the defendant is presumed innocent unless and until proven guilty.
SOURCE: news provided by JUSTICE.GOV on Wednesday, July 18, 2018.