Since recreational marijuana use is legal in Colorado, it’s reasonable for someone to think it’s a legitimate investment opportunity.
But a pair of former Broncos were among the victims in a massive alleged securities fraud scheme run by an illegal marijuana ring.
According to KUSA, former Broncos tight end Joel Dreessen and tackle Erik Pears (who both played at Colorado State) thought they were investing in a legal business.
“Mr. Dreessen was an innocent lender to a business that he was told was both lawful and properly licensed,” Dreesen’s lawyer Steve Peters said. “Joel has been repaid all funds he provided and is glad to have this matter behind him.”
But it’s far from over legally.
The bust, which Colorado authorities have hilariously labeled “Operation Toker Poker” has led to 74 indictments, with 2,600 illegal pot plants and 4,000 pounds of marijuana seized.
The defendants are charged with 31 felony counts, including trafficking marijuana out of state, along with securities fraud, money laundering, tax evasion and mortgage fraud.