Colorado Man Gets Six-Year Sentence for Stealing $1M From Friends

A Deceptive Investment Scheme Unraveled

A Denver man, Jason Lobins, was recently sentenced for securities fraud and theft after misleading dozens of friends and acquaintances into investing their money under false pretenses. He was ordered to repay $966,045 that he had obtained through his deceitful actions. Lobins, 48, pleaded guilty in a Denver court on August 8 and faced additional charges in El Paso County, where he has pleaded not guilty and is set for trial in October.

According to court documents, Lobins began making false claims in March 2019, telling friends that he was certified with the U.S. Securities and Exchange Commission (SEC) and had created a wealth management fund. He claimed the fund would start with $650,000 and promised investors monthly earnings reports, yearly tax documents, and third-party audits. He also projected a 28% return on investments for the year 2019.

The scheme quickly took shape as Lobins received funds from those he knew personally. However, the fraud started to unravel when one of the victims, Jared Stoots, attempted to withdraw his investment at the end of the month. Stoots had given Lobins $80,000 in September 2019, and when he asked for the money back, Lobins provided excuses such as bank errors and even claimed he was suing the bank to unfreeze his assets.

Despite these claims, investigators found no evidence of a lawsuit or any legitimate investment license held by Lobins. Stoots was on the verge of buying his first home, but the situation left him unable to proceed. He lost the house just a week before closing and was left without the money he had invested. Lobins disappeared from contact, and Stoots eventually filed a civil suit against him.

The Struggle for Justice

Stoots’ persistence led to a default judgment in his favor, which awarded him over half a million dollars. However, the money never arrived, and Lobins continued to live freely in the neighborhood despite an ongoing criminal investigation. Stoots described the experience as emotionally exhausting, especially after learning that Lobins had made death threats against him during conversations with mutual friends.

Although recordings of these alleged threats were shared with prosecutors, they were not considered strong enough to lead to immediate action. Stoots felt that the system failed him, and he now lives with heightened security measures, including a home security system and a gun. He also ensures his daughter no longer walks home from school alone.

The case gained attention when Stoots sought media coverage, prompting other victims to come forward. Five more individuals came forward, including someone who had known Lobins since grade school. This led to increased pressure on investigators, and Lobins was eventually arrested at a local bar.

Plea Deal and Ongoing Legal Battles

Lobins reached a plea deal in the Denver case, though it did not sit well with the victims. Stoots expressed disappointment with the sentence, particularly because the judge reduced the prison term by more than a year for time already spent in jail. Additionally, the death threats continue to haunt Stoots, leaving him wary of Lobins’s eventual release.

In the El Paso County case, Lobins is accused of approaching a longtime friend in 2023, claiming he was dying of cancer. He allegedly offered to invest in the friend’s coffee shop and potentially buy a hotel. Lobins instructed them to pay fees to start the venture, and the couple sent over $9,000 before losing trust in him. According to the arrest affidavit, Lobins delayed addressing their concerns by complaining about his health and cell phone issues.

Lobins has pleaded not guilty to theft in this case, and the trial is expected to take place in October. As the legal process continues, victims like Stoots remain determined to seek justice, even as they face the lingering effects of deception and betrayal.