The founder of a local restaurant chain accused of embezzling more than $3 million from investors will stand trial in March after pleading not guilty to all charges Wednesday afternoon.
Annie Vick, 63, was arrested in February 2024 on 10 counts of security fraud, according to Colorado court records. Vick is also known as Annie Margaret Velasquez.
Police say Vick solicited money from investors starting in 2018 — though she was not licensed to sell securities — without disclosing the risks involved or the losses she incurred. She also used part of the investments she solicited to repay prior investors, as well as to cover restaurant expenses, make credit card payments and other personal uses, according to an affidavit for her arrest.
After the Securities and Exchange Commission opened an investigation in June 2020, police say 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 states.
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.
Vick had been out on a personal recognizance bond — meaning she paid no money, with her signature instead serving as a promise to appear in court — from her February 2024 arrest until June, when she failed to appear at a status conference.
She was arrested on a warrant on July 9 and spent a week in the Weld County Jail before posting a $50,000 cash bond on July 17, records show.
Vick founded the Pinocchios chain of restaurants in 2003 in Longmont, eventually also opening a Loveland location and two in Greeley — Pinocchios Incredible Italian at 905 16th St. and Pinocchios Prime at 804 8th St.
The 16th Street location closed temporarily in June because of construction on 16th Street, but reopened in September. The downtown location has remained open.
The Longmont location remains open without Vick’s involvement in day-to-day operations, and the Loveland location has been closed since before her February 2024 arrest.
Her five-day trial is set to begin March 9. She is next slated to appear for a review on Nov. 20 in Weld District Court.
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