Lakewood radiologist took $5 million in ‘Ponzi-like’ AI investment scheme, lawsuit alleges
Colorado securities regulators have filed civil fraud charges against a Lakewood radiologist, accusing him of operating a Ponzi scheme that took over $5 million from investors using false promises of artificial intelligence trading. State officials filed the lawsuit against Michael Cole and his company, Sage Income LLC, after 14 investors lost a total of $5.2 million. Investigators allege the defendant targeted family members, friends, and former medical colleagues through promissory notes while failing to deliver promised returns.
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- ✓ Colorado securities regulators accuse Lakewood radiologist Michael Cole of running a $5.2 million Ponzi-like AI trading scheme.
- ✓ Michael Cole convinced 14 investors, including family members and former colleagues, to invest a total of $5.2 million through promissory notes in his company Sage Income LLC.
- ✓ Colorado Securities Commissioner Tung Chan filed civil fraud charges against Michael Cole.
What changed
Colorado Securities Commissioner Tung Chan filed a civil fraud complaint against Lakewood radiologist Michael Cole.
Live updates
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Colorado Sues Lakewood Radiologist Over $5M AI Ponzi Scheme
Colorado securities regulators have filed civil fraud charges against a Lakewood radiologist, accusing him of operating a Ponzi scheme that took over $5 million from investors using false promises of artificial intelligence trading. State officials filed the lawsuit against Michael Cole and his company, Sage Income LLC, after 14 investors lost a total of $5.2 million. Investigators allege the defendant targeted family members, friends, and former medical colleagues through promissory notes while failing to deliver promised returns.
Why it matters
State regulators utilize civil complaints to target fraudulent investment operations that exploit emerging technologies like artificial intelligence to lure victims. Promissory notes pitched to close professional and personal networks often obscure underlying financial malfeasance from public scrutiny until authorities intervene. This enforcement action highlights ongoing regulatory oversight regarding niche investment vehicles marketed specifically to high-earning medical professionals.
What is confirmed
- Colorado securities regulators accuse Lakewood radiologist Michael Cole of running a $5.2 million Ponzi-like AI trading scheme.
- Michael Cole convinced 14 investors, including family members and former colleagues, to invest a total of $5.2 million through promissory notes in his company Sage Income LLC.
- Colorado Securities Commissioner Tung Chan filed civil fraud charges against Michael Cole.
What to watch next
- Court dates and legal responses from Michael Cole or Sage Income LLC
- Potential restitution orders or asset freezes resulting from the civil fraud lawsuit
confidence 100%Sources used for this update (11)
- The Denver Post — Lakewood radiologist took $5 million in ‘Ponzi-like’ AI investment scheme, lawsuit alleges
- Radiology Business — State sues radiologist claiming he ran ‘Ponzi-like’ AI scheme to bilk $5M from physicians and family
- Yellow Scene Magazine — Complaint Filed Against Lakewood, Colorado, Man for AI-Related Investment Scheme
- BusinessDen — Radiologist’s Ponzi scheme took millions from other radiologists, state says
- Hoodline — Lakewood Radiologist Michael Cole Sued Over AI Scheme
- www.denverpost.com — Lakewood radiologist took $5 million in ‘Ponzi-like’ AI ...
- hoodline.com — Lakewood Radiologist Michael Cole Sued Over AI Scheme
- article.wn.com — Lakewood radiologist took $5 million in ‘Ponzi-like’ AI ...
- www.denverpost.com — Jefferson County – The Denver Post
- businessden.com — Radiologist’s Ponzi scheme took millions from other ...
- kiowacountypress.net — Complaint filed against Colorado man for AI-related ...
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