DENVER – A disbarred Denver attorney who pleaded guilty to one count of felony theft in September was sentenced to three years in prison for defrauding an investor of $125,000, the Denver District Attorney’s Office announced Monday.
Steve Bachar, who also founded the Denver-based Empowerment Capital LLC, was also ordered to pay $182,000 in restitution by Denver District Court Judge Eric Johnson.
In October of 2017, an investor wired $75,000 to a subsidiary of Empowerment Capital after Bachar offered him 10% interest in Empowerment’s profits.
Two months later, Bachar offered the investor another 6-10% interest in Empowerment Capital’s profits when the investor wired $50,000 to another subsidiary of Empowerment Capital.
Bachar never invested the money from either payment like he promised or repaid the money to the investor, according to Denver District Attorney Beth McCann, who previously said Bachar spent most of the investor’s $125,000 for personal use.
Our partners at the Denver Post report Bachar asked for mercy in court Monday and that his public defender be sentenced to probation while prosecutor Ashley Beck sought two years in prison.
Ultimately, the judge found that the three years in prison was the more fitting punishment for his crimes.
"I am pleased with Judge Johnson’s sentence, which should send a very clear message that those who violate the trust of their investors will be held accountable regardless of their station in life and perceived privilege," McCann said in a prepared statement. "Steven Bachar will now pay a serious price for defrauding and abusing the trust of an investor. I want to thank the prosecutors and investigators in my office, as well as the Colorado Division of Securities, whose hard work has resulted in today’s sentence."