Developer accused of stealing nearly $1M

A bankrupt Colorado Springs real estate developer has been arrested for allegedly persuading an elderly, confused business associate to write checks on her behalf totaling almost $1 million.

The Gazette reports 60-year-old Jannie Richardson was arrested Wednesday on suspicion of theft from an at-risk elder. She is accused of persuading an 84-year-old man to write checks of $350,000, $300,000 and $320,000 in April. The checks were made out to Richardson’s daughter, and Richardson deposited them into her daughter’s bank account.

Investigators say Richardson told them she borrowed the money for a residential and commercial development. But a probable cause affidavit says investigators “can find no documentation showing where that money went or what it paid for.”

Richardson’s company filed for Chapter 11 bankruptcy protection in February 2010.