[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.


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