Fraud & Financial Crime Defense in Denver
When you’re facing fraud or financial crime charges in Colorado, the stakes extend far beyond the courtroom. A conviction can end a professional career, revoke a license, destroy a business, and follow you for decades. These cases turn on complex financial evidence, forensic accounting, and the prosecution’s ability to prove intent — and every one of those elements can be challenged. Jolie Masterson and Jesse Hall defend professionals, business owners, and individuals facing Colorado’s most serious financial crime charges with the strategic, methodical approach these cases demand.
Colorado Fraud and Financial Crime Law
Colorado criminalizes a broad range of financial conduct under several overlapping statutes. Understanding the specific charge — and the statute behind it — is essential to building an effective defense.
Theft (C.R.S. § 18-4-401) is the foundational statute. Colorado does not have a separate embezzlement statute; instead, embezzlement — the misappropriation of funds or property by someone entrusted with them — is prosecuted as theft. The theft statute covers everything from shoplifting to multi-million-dollar financial schemes, with penalties determined entirely by the value of the property or funds involved.
Identity Theft (C.R.S. § 18-5-902) criminalizes the knowing use of another person’s personal identifying information, financial identifying information, or financial devices without authorization and with intent to obtain cash, credit, property, services, or other things of value. Colorado treats identity theft as a serious offense — a single count can be charged as a class 4 felony, carrying two to six years in prison.
Forgery (C.R.S. § 18-5-102) applies when a person, with intent to defraud, falsely makes, completes, alters, or utters a written instrument. This covers forged checks, contracts, deeds, wills, public records, and financial instruments. Forgery is a class 5 felony in Colorado, punishable by one to three years in prison.
Criminal Impersonation (C.R.S. § 18-5-113) covers assuming a false identity to gain a benefit, avoid an obligation, or injure another person. Depending on the conduct, criminal impersonation ranges from a class 2 misdemeanor to a class 5 felony.
Computer Crime / Cybercrime (C.R.S. § 18-5.5-102) addresses unauthorized access to computer systems and computer-facilitated fraud. Penalties mirror the theft value tiers — ranging from a class 2 misdemeanor for basic unauthorized access up to a class 2 felony when losses exceed $1 million.
Securities Fraud (C.R.S. § 11-51-501) prohibits fraud in connection with the offer, sale, or purchase of securities. Willful violations are prosecuted as a class 3 felony, carrying four to twelve years in prison and fines up to $750,000. These cases are frequently investigated by the Colorado Division of Securities, the SEC, or both, and may result in parallel state and federal proceedings.
Burglary (C.R.S. §§ 18-4-202, 18-4-203, 18-4-204) is often charged alongside theft and fraud when the prosecution alleges unlawful entry into a building or occupied structure with intent to commit a crime inside. While burglary is a property crime, it frequently arises in financial crime cases — particularly commercial burglaries or cases involving unauthorized access to business premises.
Many financial crime cases involve charges under multiple statutes. A single course of conduct can generate theft, forgery, identity theft, and computer crime charges simultaneously, each carrying its own penalties.
Types of Charges We Defend
Identity Theft
Colorado identity theft covers the use of another person’s personal or financial identifying information — Social Security numbers, bank account numbers, credit card numbers, or login credentials — without authorization. A single count is a class 4 felony. When the defendant possesses financial information belonging to three or more people, the charge escalates further. Identity theft cases often involve digital evidence, forensic data analysis, and questions about who actually had access to the information at issue.
Forgery
Forgery charges arise from the creation, alteration, or use of falsified documents with intent to defraud. This includes checks, financial instruments, contracts, deeds, and public records. As a class 5 felony, forgery carries one to three years in prison and fines up to $100,000. The prosecution must prove both that the instrument was falsified and that the defendant acted with specific intent to defraud — an element that is frequently contestable.
Embezzlement
Colorado prosecutes embezzlement under the general theft statute (C.R.S. § 18-4-401). The distinguishing characteristic is the relationship of trust — embezzlement involves the misappropriation of funds or property by someone who was authorized to handle them. These cases typically arise in employment, fiduciary, or organizational contexts: a bookkeeper diverting company funds, an officer misusing corporate accounts, or a trustee commingling assets. Because the accused person had legitimate access to the funds, the line between authorized use and criminal conduct is often unclear — and that ambiguity creates meaningful defense opportunities.
Theft
Colorado’s theft statute is broad, covering everything from misdemeanor shoplifting to multi-million-dollar fraud schemes. What makes theft a financial crime — rather than a simple property crime — is the sophistication of the conduct and the amount at stake. Theft becomes a felony at $2,000, and the classification escalates through five tiers up to a class 2 felony for amounts exceeding $1 million. The value of the property or services alleged determines the seriousness of the charge, which makes accurate valuation a critical issue in many cases.
Burglary
While burglary is often associated with break-ins, Colorado law defines it more broadly as entering or remaining in a building or structure with intent to commit a crime inside. In the financial crime context, burglary charges frequently accompany theft or fraud — for example, when the prosecution alleges unauthorized entry into a commercial building or office. First-degree burglary (C.R.S. § 18-4-202) is a class 3 felony. Second-degree burglary of an occupied structure or commercial building (C.R.S. § 18-4-203) is a class 4 felony. Third-degree burglary (C.R.S. § 18-4-204) was reclassified as a class 2 misdemeanor in 2022.
Penalties and Sentencing
Theft Value Tiers
Colorado’s theft sentencing is determined by the dollar amount involved:
| Value of Property/Services | Classification | Potential Prison Sentence |
|---|---|---|
| Less than $300 | Petty offense | Up to 10 days jail |
| $300 – $999 | Class 2 misdemeanor | Up to 120 days jail |
| $1,000 – $1,999 | Class 1 misdemeanor | Up to 364 days jail |
| $2,000 – $4,999 | Class 6 felony | 1 – 1.5 years prison |
| $5,000 – $19,999 | Class 5 felony | 1 – 3 years prison |
| $20,000 – $99,999 | Class 4 felony | 2 – 6 years prison |
| $100,000 – $999,999 | Class 3 felony | 4 – 12 years prison |
| $1,000,000 or more | Class 2 felony | 8 – 24 years prison |
These same tiers apply to computer crime and cybercrime charges under C.R.S. § 18-5.5-102.
Restitution
In virtually every financial crime conviction, the court will order restitution — repayment to the victim for the full amount of the loss. Restitution is mandatory under Colorado law and is often the most significant financial consequence of a conviction, sometimes exceeding hundreds of thousands of dollars. The amount can be contested, and the prosecution bears the burden of proving the loss.
Professional License Consequences
A fraud or theft conviction can trigger professional licensing consequences that may be more devastating than the criminal sentence itself. Colorado licensing boards for attorneys, CPAs, physicians, nurses, real estate agents, financial advisors, contractors, and dozens of other professions require disclosure of criminal convictions — and many will revoke, suspend, or refuse to renew a license following a felony conviction. The collateral consequences for professionals are a primary reason these cases require defense strategies that account for outcomes beyond the criminal courtroom.
Immigration Consequences
Fraud and theft offenses are classified as crimes involving moral turpitude (CIMTs) under federal immigration law. A conviction — even a misdemeanor — can result in deportation, denial of naturalization, or visa revocation for non-citizen defendants. For clients with immigration status at stake, the specific charge and disposition become critically important.
Felony Record Impacts
A felony conviction results in the loss of firearms rights, potential disqualification from certain employment, and a permanent criminal record that appears on background checks. Colorado does allow record sealing for some felony convictions after a waiting period — learn more about record sealing — but Class 2 and Class 3 felonies are generally ineligible. Avoiding a felony conviction in the first place is always the strongest outcome.
Defense Strategies
Lack of Intent
Every fraud and theft charge in Colorado requires proof that the defendant acted knowingly — and many require proof of specific intent to defraud. This is the most common and most effective area of defense. A business dispute is not theft. A failed investment is not fraud. An accounting error is not embezzlement. The prosecution must prove criminal intent beyond a reasonable doubt, and in complex financial cases, that burden is substantial.
Authorization and Consent
In embezzlement and theft cases, the defendant often had some degree of legitimate access to the funds or property at issue. The question is whether the specific use was authorized. Employment agreements, corporate bylaws, partnership agreements, and oral authorizations all bear on whether the defendant’s conduct was criminal or simply a business disagreement that belongs in civil court.
Accounting Errors vs. Criminal Conduct
Financial record-keeping is complicated. Businesses have messy books. Transactions are misclassified. Deposits are credited to wrong accounts. A forensic accountant hired by the prosecution may interpret ambiguous records in the worst possible light. A competent defense examines the same records and identifies the alternative explanations that the prosecution ignored — or never considered.
Challenging Forensic Accounting
Prosecution financial crime cases frequently rely on forensic accounting reports. These reports involve assumptions, methodologies, and interpretive choices that can be scrutinized and challenged. The forensic accountant may have used incomplete records, applied flawed assumptions about normal business operations, or drawn conclusions that the underlying data does not support. Cross-examination of financial experts is a specialized skill that can be decisive in these cases.
Constitutional Challenges
Financial crime investigations often involve searches of bank records, email accounts, computers, and business files. The Fourth Amendment protects against unreasonable searches, and financial records are not exempt. Subpoenas issued without proper authority, warrants that lack particularity, and seizures that exceed the scope of a warrant are all grounds for suppression. When the evidence is excluded, the case often collapses.
Our Experience
Financial crime defense requires attorneys who understand both criminal law and financial evidence. Jolie Masterson has tried eight theft and burglary cases, with outcomes including acquittals, mixed verdicts, and hung juries. She brings a trial lawyer’s perspective to every case — building the defense from the beginning as though it will go to trial, which creates the leverage necessary to negotiate from strength.
Jesse Hall brings experience in both state and federal fraud cases, with a practice that spans the U.S. District Court for the District of Colorado and every state court in the jurisdiction. His forensic evidence background — including his published work on digital evidence and his role as Cell-Tower Science Case Evaluator for the Office of Alternate Defense Counsel — translates directly to financial crime cases that involve digital records, electronic transactions, and computer-based evidence.
Together, Jolie and Jesse have defended clients facing charges ranging from single-count misdemeanor theft to multi-count felony fraud cases involving hundreds of thousands of dollars. Both are admitted to the U.S. Supreme Court, both serve on the Criminal Justice Act panel in the U.S. District Court for the District of Colorado, and both bring more than two decades of criminal defense experience to every case.
When financial crime charges also involve federal jurisdiction — wire fraud, mail fraud, bank fraud, or securities fraud prosecuted by the U.S. Attorney’s Office — we handle those cases as well. Learn more about our federal criminal defense practice →
Related Case Results
The following results reflect the specific facts and circumstances of each case. Past results do not guarantee future outcomes.
COCCA Conspiracy and Theft — Complete Acquittal Charge: Conspiracy to Violate the Colorado Organized Crime Control Act (COCCA) — Class 2 Felony; Theft — Class 3 Felony Result: Not Guilty — Complete Acquittal at Trial Court: Colorado State Court Attorney: Jesse Hall
Jesse Hall defended a client against conspiracy to violate the Colorado Organized Crime Control Act (a Class 2 felony) and theft (a Class 3 felony). Through thorough, independent fact investigation and vigorous cross-examination of the government’s witnesses, the jury returned a not-guilty verdict on all charges — a complete acquittal.
Jolie Masterson has tried 8 theft and burglary cases — additional results from Jolie to be added.
Frequently Asked Questions
What is the difference between theft and embezzlement in Colorado?
There is no separate embezzlement statute in Colorado. Embezzlement is prosecuted under the general theft statute, C.R.S. § 18-4-401. The distinction is factual, not legal—embezzlement involves the misappropriation of property or funds by someone who was entrusted with them, while theft more broadly covers any knowing taking of another’s property. The penalties are the same and are determined by the value of the property involved.
At what dollar amount does theft become a felony in Colorado?
Theft becomes a felony when the value of the property or services exceeds $2,000. At that threshold, the charge is a class 6 felony carrying one to eighteen months in prison. The felony classification increases with the dollar amount: class 5 felony at $5,000, class 4 at $20,000, class 3 at $100,000, and class 2 at $1 million.
Can fraud charges affect my professional license?
Yes. A fraud or theft conviction can result in suspension, revocation, or non-renewal of professional licenses in Colorado. Licensing boards for attorneys, accountants, physicians, nurses, financial advisors, real estate professionals, and many other fields require disclosure of criminal convictions and may take disciplinary action regardless of whether the criminal case resulted in prison time. This is often the most significant consequence our clients face, and it shapes the defense strategy from the outset.
What if I did not know the check was fraudulent?
Forgery under C.R.S. § 18-5-102 requires proof that the defendant acted with “intent to defraud.” If you unknowingly passed a fraudulent check—for example, if you deposited or cashed a check you genuinely believed was legitimate—you lack the intent element the prosecution must prove. Similarly, if someone else forged a document and you used it without knowing it was false, you have a defense. The prosecution must prove you knew the instrument was fraudulent, not simply that you handled it.
Can theft or fraud charges be sealed in Colorado?
Some theft and fraud convictions can be sealed under Colorado’s record sealing statutes. Class 4, 5, and 6 felonies are generally eligible after a waiting period of three years from the date of final disposition or release from supervision. Class 2 and 3 felonies are generally not eligible. Misdemeanor theft convictions may be sealed sooner. The process requires a petition to the court, and the district attorney may object. Learn more about record sealing at /practice-areas/record-sealing-expungement/.
Will I have to pay restitution even if I receive probation?
Yes. Restitution is mandatory in Colorado financial crime cases regardless of the sentence. Even if you receive probation rather than prison time, the court will order you to repay the victim for the full amount of the proven loss. The restitution amount can be contested—the prosecution must prove the loss, and the defense can challenge the calculation—but if the court finds a loss, restitution will be ordered.
Should I talk to the police or investigators before hiring an attorney?
No. If you are under investigation for fraud, theft, embezzlement, or any financial crime, do not provide statements, produce documents, or consent to interviews before consulting with a defense attorney. Anything you say can and will be used against you, and early cooperation without legal guidance frequently makes the case more difficult to defend. Contact us before responding to any investigative inquiry.
Protect Your Career and Your Future
If you are facing fraud, theft, embezzlement, or financial crime charges in Colorado, the decisions you make now will determine the trajectory of your career, your professional standing, and your future. These cases require an attorney who understands financial evidence, who has tried these cases in court, and who will build a defense strategy tailored to everything you stand to lose — not just the criminal charges on the page.
Call (720) 445-5505 to schedule a confidential consultation, or request a consultation online. Your inquiry is confidential.