DENVER (KDVR) — A 39-year-old man who used to be a Denver resident was sentenced to 3.5 years in prison along with required restitution payments in the millions.
According to the U.S. Attorney’s Office for the District of Colorado, Heath Posey, a former Denver resident, was the CFO of a fraudulent investing scheme referred to as the ROI Cash Flow Fund from about December 2022 until May 2024.
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Posey was hired by the founder, Timothy McPhee, who was also convicted in the scheme and sentenced to over 12 years in prison and to pay nearly $60 million in restitution to the IRS and scheme victims.
The fund had been advertised as an opportunity to earn a 3% monthly return on initial investments, with investors told that it generated those returns by lending funds to a borrower that made foreign currency exchange trades for profit…