A former Fremont man with close ties to the community is accused of securities fraud.
“On Sept. 8th, we filed a complaint against Mark Yost in Denver District Court. In our complaint, we allege that Mr. Yost committed securities fraud.”
Jerry Rome is the Deputy Securities Commissioner for the Colorado Division of Securities and says they obtained a temporary restraining order and froze all assets against Mark Yost and his company, Yost, Co. . He is accused of defrauding investors and some of them are from Nebraska.
“He basically was running a $25 million dollar private equity fund. The fund consisted of funds from about 50 investors. Some of those investors were from Fremont, Nebraska.”
Rome says Yost is facing several accusations.
“Basically, we allege in our complaint that Mr. Yost misrepresented to investors the amount in the fund and the returns, there by lulling them into their funds were safe and secure and making money and in fact that was not the case. We also allege he used the fund in ways not intended by the investors meaning that some of the investor funds were used for purchasing and maintaining personal property and for Mr. Yost’s own personal purposes.”
Rome says this is only a temporary order and another court date has been set.
“Sept. 14th, we will have a hearing to determine if the order will stay in place. We are also asking the court appoint a receiver over the personal property of Mr. Yost. The purpose of which is to attempt to get back any assets that are available back to the investors in the fund.”
Rome says no criminal charges have been filed.
“The only thing that has happened is this civil complaint has been filed.”
Rome says their investigation is on-going and not finished. He says investors do have the ability to file their own legal action against Yost as well. Yost is a former chairman with the Flatirons Bank in Boulder, Colorado.