News and Press Releases

News and Press Releases

Colorado man pleads guilty to scheming investors out of $7 million

July 25, 2012

MINNEAPOLIS—Earlier today in federal court, a 37-year-old Colorado man pleaded guilty to scheming investors out of $7 million. Evan Matthew Flaxman, of Silverthorne, Colorado, pleaded guilty to one count of mail fraud in connection to the scheme. Flaxman, who was charged on June 14, 2012, entered his plea before United States District Court Judge Patrick J. Schiltz.

In his plea agreement, Flaxman admitted that from December of 2009 through March of 2012, he induced investors to give him money, telling them that he had extensive and sophisticated financial expertise and personal wealth and financial resources. That was not the case. And he provided one investor with documents indicating purported investment gains. In reality, however, Flaxman used investment funds for personal use, including the purchase of Ferraris and Porsche automobiles and a Rolex watch. He also paid his taxes with the money.

For his crime, Flaxman faces a potential maximum penalty of 20 years in prison. Judge Schiltz will determine his sentence at a future hearing, not yet scheduled. This case is the result of an investigation by the U.S. Postal Inspection Service and the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney Thomas Calhoun-Lopez.

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