DENVER, Colo. – A man who, along with a partner, stole more than $1 million in a real estate investment scheme has been sentenced in Denver District Court.
Elliot Boston III, along with his partner Dan Jay, were indicted by a Denver grand jury in April 2017 on 40 counts of conspiracy, securities fraud, identity theft, forgery and theft. Boston pleaded guilty in April to one count of organized crime and theft. The Denver District Attorney's Office announced Monday that Boston was sentenced to 16 years in prison on Friday.
As part of the scheme, Boston allegedly defrauded 10 investors out of nearly $1 million between 2013 and 2017 to fund “fix-and-flip” construction projects in the Denver metropolitan area. Using dummy accounts and misleading investors about the funds, Boston allegedly misappropriated funds for his own personal use and left projects unfinished or with mortgages outstanding. The properties were foreclosed or sold at a loss, according to the indictment.
The property was located at the following address:
3358 St. Paul Street 773 Josephine Street 1739 S. Monaco Street 295 S. Jasmine Street 3941 King Street 5702 S. Ouray Street 3029 York Street 1739 S. Monaco Street Parkway 150 Monaco Street Parkway 5045 Elliott Street 2067 South Pearl Street 3001 Colorado Boulevard
According to the indictment, Boston used the funds he raised from investors for personal expenses, including “food, merchandise from luxury retailers, clothing, cosmetics, mortgage payments, rent for his personal residence, life insurance payments, automobile insurance payments, leisure activities, automobile expenses, airline tickets, motel rooms, automobile purchases, automobile rentals, automobile repairs and maintenance, medical expenses, veterinary care, and other personal expenses.”
Boston was arrested on April 26, 2017 in Highlands Ranch on an unrelated FBI wire fraud warrant, but a no-bail warrant was issued for his arrest on April 24, 2017. Dan Jay was arrested on April 27, 2017 in Corona, California by local police.
The district attorney's office said about $1.1 million in restitution is expected to be sought at a scheduled restitution hearing.