- Associated Press - Friday, February 6, 2015

DENVER (AP) - Federal officials say an investment firm founder pleaded guilty to fraud that cost investors more than $5 million.

According to a statement Friday from U.S. Attorney John Walsh’s office, Gary Snisky, a 48-year-old from Longmont, pleaded guilty Thursday in U.S. District Court to mail fraud and money laundering and is scheduled for sentencing in June. Richard Greeott, indicted alongside Snisky in 2013, pleaded guilty last year and is scheduled for sentencing in April.

Each faces up to 20 years in prison and a fine of up to $250,000 for mail fraud and up to 10 years in prison and a fine of up to $500,000 for money laundering.

Snisky is accused of falsely claimed to investors that an algorithm Greeott developed was being used for profitable, fully automated futures trading.

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