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Alcoholics Anonymous and Elderly Were Alleged Financial Fraud Victims

Posted on Oct 09, 2011

72-year-old Richard Horace Mayfield was recently sentenced to five years in prison after being convicted of running an alleged Ponzi scheme for more than two decades. Mr. Mayfield, who pleaded guilty to the charges against him, was accused of committing fraud against 22 Larimer County, Colorado investors.

According to authorities, Mr. Mayfield met many of his victims through Alcoholics Anonymous and allegedly used that common bond to gain trust in this purported affinity scam. Many of his alleged victims were also senior citizens.

While the financial loss to victims was about $271,000, the District Attorney's Office noted that Mr. Mayfield's alleged victims were at-risk adults and the elderly. Thus, the government asked for a prison sentence to be imposed.

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