Wheat Ridge, Colorado Man Pleads Guilty to Orchestrating a $4.8 Million Ponzi Scheme
Sawano was accused of running the scheme from his Integrity Financial Consulting firm, previously known as Providence Financial Services, as a licensed investment adviser. Sawano directed investors’ money into alternative investments, but told investors that their money was placed in traditional instruments.
Those alternatives included businesses owned and operated by Sawano. But Sawano provided little, if any, disclosure and information describing risks, merits or terms and conditions of those investments.
In addition, an investor's money would sometimes be used to pay other investors or Sawano would deposit money in shell company bank accounts he owned or controlled.
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