Littleton man sentenced to 30 years in prison

A Littleton man has been sentenced to 30 years in federal prison for his role in a high-yield investment scheme, just days after the group's leader was sentenced to 330 years.

U.S. District Court Judge Robert Blackburn ordered Charles Lewis, 72, of Littleton, to serve 30 years and to pay restitution to victims, according to a statement released Thursday by the U.S. attorney's office in Denver. The court won't decide the amount of restitution until the probation department finishes its investigation.

Lewis was found guilty last year of charges including mail fraud, wire fraud, securities fraud and money laundering.

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Earlier this week, the same judge sentenced the group's leader, Norman Schmidt, to 330 years in federal prison.

"Mr. Schmidt's prison sentence of 330 years is the longest in Colorado history for corporate fraud," Troy Eid, U.S. Attorney for the District of Colorado, said in a statement.

Seven people were indicted in the scheme in 2004. Schmidt's wife, Jannice Schmidt, has been sentenced to nine years in prison. George Beros has been sentenced to one year and one day in federal prison, and George Alan Weed and Michael Smith are still awaiting sentencing. Peter A.W. Moss remains a fugitive.

According to the evidence presented during the trial, Lewis, Schmidt, and others obtained tens of millions of dollars from hundreds of investors, and used the money for their own personal gain.

About $6.5 million of it was used to buy the historic Redstone Castle, a 1897 estate in Pitkin County. Redstone Castle was seized by the IRS in 2003 and was sold at auction in 2005 for $4 million. The proceeds were used to repay investors.

Also seized during the investigation were money in approximately 60 bank accounts, eight NASCAR race cars, one race truck, and other race-related vehicles and items. So far, more than $18 million in forfeited funds have been returned to victims, authorities said.