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Dryer was the founder of Mile High Capital Group. His pitch to investors was that his firm would make money by investing in residential duplexes, conducting real estate investing seminars in Colorado and other states. His prior felonies were for bank robbery in 1971 and two other securities fraud cases in the 1980s. Because of that, he was not eligible for a sentence of probation.
Dryer failed to inform his investors that he had been twice convicted of felonies and that he was in reality using their money to pay earlier investors. The investors ranged from blue-collar workers, Chinese immigrants, flight attendants and attorneys and were recruited from presentations held a fancy hotels across the U.S. Predictably, some of those investors have lost their life’s savings, suffered marital problems, lost their homes and had to file bankruptcy. This was the group that received the judge’s concern as she meted out Dryer’s sentence.
In exchange for testifying against him, co-defendant Richard Darrow was sentenced to two years in the Denver County Jail, 10 years of probation and must make $1.15 million in restitution. Fellow squealer Jeffrey Dietz was sentenced to 2 years probation and order to make restitution of $990,406. Dryer himself was ordered to pay his victims $3.43 million in restitution.
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S.E.C. Report Details Lapses i
