GLENWOOD SPRINGS, Colorado - Craig Davis, who last year pleaded guilty to stealing investor funds from his construction finance company, was not sentenced as expected on Thursday due to problems with the court's paperwork.
Davis, 62, of Silt, pleaded guilty on Dec. 20, 2012, to two counts of theft involving a total of nearly $665,000 from two investors.
In return, prosecutors dismissed the 14 remaining counts against Davis, amounting to approximately $1.3 million in alleged thefts, according to a statement by District Judge Denise Lynch.
At a hearing last December, Lynch noted that Davis might have been sentenced to up to 192 years in prison if he had been convicted on all 16 counts.
In court on Thursday, Davis' attorney, Charles "Chip" McCrory, told the judge that the district probation department had erred in its report regarding the defendant's plea bargain.
He said the plea bargain paperwork indicated an agreement by Davis for a 10-year prison term as part of the deal.
But that isn't correct, McCrory said, explaining that he had negotiated a deal calling for up to 10 years in prison, but leaving it to the judge to decide whether to impose a shorter sentence.
Plus, McCrory said, Davis is eligible to be sentenced to either probation or community corrections, but those possibilities were not covered in a presentence investigation report delivered to the judge.
Lynch agreed that something was amiss with the paperwork, and continued the hearing to March 7 while the matter is straightened out.
According to court documents, Davis was president and founder of the Americor Funding Corp., set up in 1993 as a local investment brokerage house for land development projects.
Through a complicated financial scheme, Davis would take in money from investors in this area and elsewhere, and combine it to provide funding for construction projects.
Repayment by contractors working on the projects, once the projects were finished, seemed to be working out, initially giving investors returns of 10 to 12 percent, according to court documents.
But in 2007, according to prosecutors, Davis started diverting Americor funds for his own purposes rather than paying back his investors.
Irate investors started contacting authorities in 2008, leading to an investigation and Davis' arrest in December 2011 on eight counts of theft and eight counts of securities fraud.
He has been held in jail on a $160,000 bond since his arrest.