JeffCo man indicted on securities fraud in house-flipping business
Jefferson County Man Indicted on 11 Counts of Securities Fraud
A grand jury has charged Mack Jamie Sprouse, owner of Urban Veneer Holdings LLC, with 11 counts of securities fraud. The indictment alleges that Sprouse solicited $4.8 million from at least 80 investors through his house-flipping business.
Sprouse was arrested on June 3 and indicted two days later. According to a press release from the Colorado Division of Securities, he raised funds by issuing promissory notes promising high-interest payments and repayment of the principal.
The indictment accuses Sprouse of making false statements, failing to disclose material facts, and engaging in fraudulent practices. Investors were led to believe their investments would be secured by Urban Veneer or specific real estate assets, which turned out to be untrue.
Authorities stated that Sprouse is not registered to offer or sell securities in Colorado. The Colorado Division of Securities conducted the investigation, with the Colorado Attorney General’s Office handling the prosecution.
Subscribe to receive daily crime news updates directly to your inbox.
