Private-fund manager pleads guilty to fraud |

Private-fund manager pleads guilty to fraud

BOULDER, Colo. (AP) – A former Boulder private-fund manager and bank chairman has pleaded guilty to several counts of financial fraud in what authorities say was a $5.6 million scheme.

The Daily Camera reports that 47-year-old Mark Yost pleaded guilty Thursday to four counts of making false statements to banks and one count each of wire fraud, bank fraud and money laundering.

Authorities say Yost used funds for his own benefit while he was chairman of the Boulder-based Flatirons Bank from January 2009 to last July. He was also accused of defrauding Yost Partnership from 2005 to last July.

The charges carry a maximum prison sentence of 30 years, but a plea deal with prosecutors recommends a sentence of between six and 14 years. Yost will be sentenced April 15.

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