Cases | People v. Milne, 690 P.2d 829 (Colo. 1984) | 2018
Defendant was convicted of selling securities without a license. As a condition of probation, the district court ordered defendant to pay restitution to unpaid noteholders. On appeal, defendant claims that the crime of selling securities without a license is a “victimless” offense for which an order of restitution is inappropriate. The supreme court held that the district court properly ordered defendant to pay restitution as a condition of probation. As the result of defendant's conduct, the investors suffered “actual pecuniary damage” within the meaning of the relevant statute. As such, the investors were as much the “victims” of defendant's crime as would be persons who submit to harmful and unnecessary surgery at the hands of one who practices medicine without a license. Further, the fact that defendant's personal liability on the investment notes was discharged in the United States Bankruptcy Court did not preclude restitution. Restitution does not create a debt or a debtor-creditor relationship between the defendant and the victim, and it is not intended as a substitute for a civil action for damages.
(This case cites former Colo. Rev. Stat. § 16-11-204.5.)