A Colorado man has pleaded guilty to defrauding investors in Wyoming and across the country in a pair of schemes.
The defendant, Robert William Mitchell, also known as Bob Mitchell, age 52, of Centennial, Colorado, entered guilty pleas to mail fraud and conspiracy to commit securities fraud.
According to court records, Mitchell solicited investments for a natural gas production venture in Wyoming, claiming the money would be used to create a publicly traded company.
Instead, Mitchell used the funds to pay his personal expenses and finance the scheme, stealing over $1.3 million from about three dozen investors, most of whom lived in and around Gillette, Wyoming.
Mitchell also pleaded guilty to conspiring to artificially inflate the market price of NuTech Energy Resources Inc. common stock by manipulative trading and releasing false information about the company’s business prospects.
He then sold his worthless shares to unwitting investors in the public market, leading to a total loss of millions of dollars.
As a result of his guilty pleas, Mitchell may be sentenced to serve up to 25 years in prison, including three years of supervised release.
In addition, he could face fines up to $250,000 and be ordered to pay restitution to the victims.
Mitchell is scheduled to be sentenced by U.S. District Court Judge Alan Johnson in Cheyenne on August 4, 2021.
The crimes were investigated by the United States Postal Inspection Service and the United States Department of Interior’s Office of Inspector General.
Assistant United States Attorneys Eric Heimann and Thomas Szott are prosecuting the case.
Related Federal Cases
- Colorado Fisheries, Wire Fraud, Wyoming 2007 · New York
- Colorado Fisheries, Wire Fraud, Wyoming 2007 · New York
- Sainz Aramburo, Wire Fraud, Wyoming 2005 · New York
- Bustamante-De La Herran, Wire Fraud, Wyoming 2003 · New York
- Guzman-De Meza, Wire Fraud, Wyoming 2012 · New York
Key Facts
- State: Wyoming
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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