A man who conned investors out of nearly $50 million through multiple Denver schemes has pleaded guilty to felony securities fraud, the Denver District Attorney’s Office announced Tuesday.

Tyler Tysdal, 50, pleaded guilty in two separate financial crime cases from 2019, according to the district attorney’s office. Tysdal faces up to eight years in prison and must pay $18.5 million in restitution, including at least $2 million to be paid up front.

“Tyler Tysdal conned people by making promises of exorbitant profits with little risk and by withholding the truth about his business dealings and operations,” said District Attorney Beth McCann. “These are all telltale signs of a scam that reinforce the adage: if it sounds too good to be true, it probably is.”

For nearly a decade, Tysdal made short-term, high-interest loans to athletes and entertainers with his company Cobalt Sports Capital LLC. Through a “complicated financial scheme,” Tysdal defrauded investors by lying about and omitting key facts about his business dealings, the district attorney’s office said.

Through that company, Cobalt obtained more than $46 million from 77 investors. Tysdal has agreed to pay more than $18 million in restitution for the case.

In a separate case, Tysdal also operated a scam where he told investors he was seeking capital to expand Curious Cork Imports LLC, a wine distributor.

He lied to investors, telling them the company was worth $15 million and backed by celebrities and athletes, the district attorney’s office said.

Through that scam, three investors gave Tysdal $500,000, expecting to see a return of 10 to 15 times their investment. Tysdal agreed to pay the full $500,000 in restitution.

Tysdal’s sentencing hearing is scheduled for Jan. 21, according to the district attorney’s office.