[REGIONAL NEWS] Tens of millions of dollars missing after Denver man’s cattle and marijuana Ponzi scheme collapses, feds say

 
Mark Ray Courtesy Texas and Southwestern Cattle Raisers Association

Settlement agreement ends federal investigation

By Elise Schmelzer | The Denver Post

Decker fire grows south of Salida, fueled by dry weather and wind

A Denver man convinced investors to give him tens of millions of dollars for his cattle trading and marijuana businesses, luring them with promises of steep returns.

The problem? Mark Ray owned almost no cattle. And his wholesale, state-licensed marijuana business was deeply in debt, according to settlement documents filed Monday in U.S. District Court in Colorado.

Instead, Ray for years funneled the millions to pay off prior investors and to line his own pockets, including paying for medical bills, private flights and his own herd of show cattle, the documents said.

READ ON:

Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories