A Colorado man has been sentenced to 76 years in prison for securities fraud over soliciting investments for insurance marketing organizations.
The Denver Post reported 59-year-old Kelly James Schnorenberg was sentenced last month after a Douglas County District Court jury convicted him in October on 25 counts of security fraud totaling $16 million.
According to the state Department of Regulatory Agencies, the Lone Tree man bilked 240 investors.
Schnorenberg solicited investments personally and also directed agents to solicit investments for his multiple insurance marketing organizations from 2009 to 2015.
He was also twice sued by the state Division of Securities from 1999 to 2005.
The department says Judge Paul King ordered the sentence after evaluating the evidence presented at trial and examining written victim impact statements from more than 90 victims who were defrauded.