A Denver man who posed as an investment broker was sentenced to six years in prison and ordered to repay nearly $1 million after defrauding half a dozen friends and acquaintances.
Jason Lobins, 48, pleaded guilty to securities fraud and theft and received his sentence on Aug. 8 in Denver District Court. Prosecutors said he must repay $966,045. Just a month earlier, Lobins pleaded not guilty in a separate but similar case in El Paso County, which heads to trial in October.
According to court documents, Lobins began approaching friends in March 2019, claiming he was certified with the U.S. Securities and Exchange Commission and had created a wealth management fund worth $650,000. He handed out investment agreements, promised monthly statements, annual tax documents, third-party audits, and projected returns of 28% for fiscal year 2019.
His friends started giving him money in April, but the scheme unraveled almost immediately when the first victim tried to withdraw funds.
‘He was a neighbor and a family friend’
Jared Stoots of Denver invested $80,000 with Lobins in September 2019. “He was a neighbor and a family friend. My daughter and I spent Christmas Eve and Thanksgiving with him,” Stoots told CBS Colorado.
Lobins signed a promissory note to repay the full amount in 10 days with a 5% daily penalty for delays. The money never arrived. Lobins repeatedly blamed “bank errors” and later claimed he was suing the bank to unfreeze his assets—though investigators found no evidence of such a lawsuit, a broker’s license, or a registered investment fund.
At the time, Stoots was about to buy his first home. “When I tried to get the money, he came up with all these excuses, and I lost the house a week from close,” he said. “And he went radio silent.”
Stoots said pushing back made him feel like “a sketchy person,” but he persisted and eventually filed a civil suit. When Lobins failed to appear, the judge awarded Stoots more than half a million dollars in a default judgment—money he has never received.
Meanwhile, Lobins remained free in the neighborhood despite the ongoing investigation. Stoots also said Lobins made death threats against him in conversations with mutual friends. Recordings were given to prosecutors, but they were dismissed because the threats were not made directly.
Other victims come forward
The case gained momentum last year when Stoots went public with his story. Five more victims came forward, including one of Lobins’s grade-school friends. Investigators moved quickly, and Lobins was arrested at a Denver bar.
“I think I was so emotionally exhausted by the time everything was validated,” Stoots said. “He had told me he had cancer, was bringing up his children… It’s really difficult going from trying to help somebody to realizing nothing they say is true.”
Stoots said all six victims opposed the plea deal prosecutors reached. He also criticized the sentence, noting that the judge deducted more than a year from Lobins’s prison term for time already served.
Now, Stoots worries about Lobins’s eventual release. He has installed a home security system, purchased a gun, and no longer allows his daughter to walk home from school. “I’ll be looking over my shoulder,” he said.
Another trial ahead
Lobins also faces charges in El Paso County. Prosecutors there accuse him of defrauding a longtime friend in 2023 by claiming he was dying of cancer and wanted to invest in the man’s coffee shop and possibly buy him a hotel.
According to the affidavit, Lobins told the couple they needed to pay fees to start the venture. They sent him more than $9,000 before losing faith. He allegedly brushed off their concerns by citing health issues and phone problems.
In July, Lobins pleaded not guilty to theft in that case. The trial is scheduled for October.
Katie is a senior who has been on staff for three years. Her favorite type of stories to write is reviews and features. Katie’s favorite ice cream flavor is strawberry.
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