Former Springs man sentenced to five years for fraud
A former Colorado Springs resident was sentenced to five years in federal prison Friday at the U.S. District Court in Denver for conspiracy to defraud the Internal Revenue Service and the Securities and Exchange Commission.
Eric Richfield Majors, 39, was also ordered to pay $127,239 in restitution to shareholders of his Colorado Springs-based company, Maximum Dynamics and $39,301 to the IRS.
According to Majors’ guilty plea, Majors and a co-defendant, Joshua Neale Wolcott, made false reports in the company’s quarterly and annual statements and used unwitting Mexicans and shell companies to issue stock, which the men sold and used for the business or their personal expenses. The IRS said the men failed to pay $402,004 in taxes on $1.3 million in stock sales.
Wolcott is scheduled to be sentenced April 1.
