SEC says Colorado Springs group scammed investors

The U.S. Securities and Exchange Commission has filed a lawsuit claiming a Colorado Springs man defrauded investors of more than $31 million.

The lawsuit accuses Daniel Coddington of promising investors returns as high as 475 percent.

According to the Denver Post, Coddington and his Golden Summit Investors Group claimed they were using investor funds in an equities trading program that relied on mortgage obligations. About a dozen other companies and individuals were named in the lawsuit.

Coddington could not be reached for comment.