Bond for man accused of stealing $1.9M held at $160K
Post Independent staff
Glenwood Springs, Colorado CO
GLENWOOD SPRINGS, Colorado – Craig Davis, accused of bilking more than $1.9 million from dozens of local investors, was unable to convince a judge to lower his bail from $160,000.
Davis, 61, of Silt, was arrested last December following a year-long investigation by the Glenwood Springs Police Department and the local district attorney’s office.
He could spend the rest of his life behind bars if convicted on the 16 counts of theft and securities fraud he is facing in 9th Judicial District Court.
Public defender Jim Conway tried on Thursday to convince Judge Denise Lynch that Davis is not a flight risk, and that his bond should be reduced to some level that “he could reasonably meet.”
Conway’s first suggestion was that Davis be freed on a personal recognizance bond, meaning he would walk out of jail without having to post any money as a guarantee he would appear for his next court hearing.
Conway told the judge that Davis has no criminal history, no history of drug abuse or drunkenness, an apartment in Silt and children living in the area.
But Deputy District Attorney Andrea Bryan opposed any reduction of Davis’ bond, especially the request for a personal recognizance bond.
With 16 felony counts in the case, at a possible sentence of 12 years per count, she said Davis could be sent to prison “for all practical purposes, for the rest of his life.”
He also is facing $1.2 million in potential restitution payments to his victims, as well as fines, she said.
Bryan noted that police were unable to find Davis for three months after a warrant was issued for his arrest last August.
“Now that he’s arrested,” Bryan said, “he has every motivation to flee.” She said there remains a possibility that Davis has a stash of cash somewhere that he could use to travel and hide.
The judge agreed with Bryan that Davis is a flight risk, and left his bail at $160,000.
Davis is due in court again on May 1, for arraignment on the charges.
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