FORT COLLINS, Colo. (AP) — A man accused of defrauding investors of about $865,000 on water rights deals in Colorado has pleaded guilty during his trial.
Prosecutors say 16 people invested money with Niles Stansfield expecting high returns on water rights investments along the Arkansas River. Authorities say little of the money was used to purchase water rights.
Stansfield pleaded guilty Friday in Larimer County to one count of theft and one count of securities fraud, both felonies. Fifteen other counts were dismissed. The Fort Collins Coloradoan reports that the 69-year-old entered his plea while his trial was under way.