Cortez Man Sentenced to Federal Prison for Making a False Statement to a Financial Institution

DENVER—Richard Shaw, age 56, of Cortez, Colorado, was sentenced last Friday, March 5, 2010, by U.S. District Court Judge John L. Kane to serve 37 months (just over three years) in prison for making a false statement to a financial institution in connection with obtaining a Small Business Association (SBA) loan. Following his prison sentence, Shaw was ordered to spend five years on supervised release, and ordered to pay restitution totaling over $975,000 to the Small Business Administration and the Bank of Durango. The defendant, who is free on bond, was ordered to voluntarily report to a Federal Bureau of Prisons facility.