The 63-year-old founder of a northern Colorado restaurant chain suspected of embezzling more than $3 million from investors is in the Weld County Jail after she was arrested Wednesday afternoon on a warrant for failing to appear at a court date last month.
Annie Vick, who founded the Pinocchios chain of restaurants in 2003, is being held on a $50,000 cash-only bond. Weld County District Judge Vincente Vigil revoked her personal recognizance bond and issued the warrant after Vick failed to appear at a status conference June 17.
Vick is also known as Annie Margaret Velasquez. Her next court date is July 21 for an appearance on her arrest warrant, according to Colorado court records.
Police say Vick solicited money from investors starting in 2018, without disclosing the risks involved or the losses she incurred. She was also not licensed to sell securities.
She used part of the investments she solicited to repay prior investors, as well as to cover restaurant expenses, make credit card payments and for other personal uses, according to an affidavit for her arrest.
After the Securities and Exchange Commission opened an investigation in June 2020, Vick directed nearly $1 million of investors’ funds to her personal and restaurant accounts. She solicited another $300,000 of investors money and misrepresented the status and nature of the investigation to potential investors, the affidavit stated.
Vick has denied embezzling the money, saying she never used investors’ money for anything other than investments. She also said her investors knew she was unlicensed and that they understood the risks, but encouraged her to invest for them anyway.
She faces 10 counts of securities fraud, according to Colorado court records.
Vick founded the Pinocchios chain in Longmont, eventually opening a Loveland location and two in Greeley, Pinocchios Incredible Italian at 905 16th St., and Pinocchios Prime at 804 8th St.
Both Greeley locations remain open, but Vick is no longer involved in the Longmont Pinocchios and the Loveland location has been closed for more than a year.
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