A Denver man was sentenced to six years in prison Friday for nearly $1 million of financial fraud and theft.

Jason Lobins, founder of The Lobins Group, plead guilty to one count of securities fraud and one count of theft, according to a news release from the Denver District Attorney’s Office.

Lobins also agreed to pay $966,045 in restitution to his victims as part of the plea, the release says.

From 2019 through the end of 2023, Lobins solicited investments from six close friends, promising significant returns, the release says. He then gave them fake reports that showed supposed growth of their investments.

Any time one of the victims tried to withdraw their money, Lobins said he was sending it over a wire transfer, according to the release. None of them ever actually received their money.

Investigators later learned that Lobins had deposited the victims’ money into his own savings account and had used it for his own personal expenses, the release says. 

“Jason Lobins repeatedly defrauded investors and violated their trust, all for his own financial gain,” said Denver District Attorney John Walsh in the release. “Today’s sentence holds him accountable for that fraud.”

Denver Chief Deputy District Attorney Ashley Beck and Chief Deputy District Attorney Kate Horton led the prosecution team in this case, according to the release.