Denver Real Estate Scam: Two Charged With Pocketing $1 Million

Two men are in jail, charged with defrauding investors out of hundreds of thousands of dollars by getting them to invest in a phony real estate operation they claimed would fix homes and flip them. Elliot Boston and Dan Jey are charged in a 40-count indictment.

The two allegedly set up a series of business between September 2013 and last month.

They then solicited money from ten individuals and
one business entity to be used for the rehabilitation of ten “fix and flip” construction projects
throughout the Denver area, according to the indictment.

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The indictment charges the two lied and left out facts that would have helped investors make educated decisions.

The ten properties Boston purchased to fix and flip were sold at a loss, or were foreclosed on by the hard money
lenders resulting in the investors collectively sustaining losses, the district attorney said.

The indictment also says that Boston maintained several business and personal bank accounts, depositing funds from the investors into the various accounts and fraudulently using these accounts for his daily living
expenses.

Elliott Boston was arrested on April 26 in Highlands Ranch on an unrelated FBI wire fraud arrest warrant with a no bond hold issued on April 24, 2017. Dan Jey was arrested in Corona, California by local police on April 27.

Court appearances for both men have not yet been scheduled.

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