Software Company Execs Charged With Fraud, Theft
DENVER (AP) - Two executives at a Greenwood Village-based company are facing multiple charges for allegedly claiming their predictive software takes the risk out of trading stocks.
Colorado Securities Commissioner Gerald Rome said Wednesday that Chisan Chong, of Aurora, and Steven Linnenkamp, of Castle Rock, promised that Direction Labs' "Second Sight" software takes "all the guesswork" out of making trades, was "bulletproof" and that investors would "never lose."
Prosecutors say Chong and Linnenkamp solicited funds for a "trading investment" and later to keep Direction Labs in operation, but no money was returned to the investors. The two are accused of soliciting more than $800,000 from a single family.
Chong and Linnenkamp face multiple counts of securities fraud and theft.
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