Sunday, November 22, 2009 6:21 PM MST

AURORA | An Aurora man faces more than 10 years in prison after a federal jury in Denver convicted him last week of participating in an insurance scam that netted more than $700,000. 

David I. Hillman, 30, was found guilty Tuesday of six counts of money laundering and one count of making false statements to IRS and FBI agents, federal prosecutors announced Friday.

 Jurors deliberated for just 90 minutes following the five-day trial in U.S. District Court in Denver. 

“In the end, crime and greed do not pay,” FBI Special Agent James Davis said in a statement. “The FBI and IRS worked hand in hand with the United States Attorney’s Office to ensure justice was served in this case.” 

A federal grand jury in Denver indicted Hillman on April 20, and he was arrested June 3. 

According to the indictment and testimony at trial, from September 2001 until August 2005, Hillman and an employee of Great-West Life and Annuity Insurance conspired to embezzle and spend more than $700,000 in company funds.

With the money, Hillman purchased a rare 1999 Nissan Skyline R34. 

Prosecutors said the pair stole money from Great-West Life via wire fraud. 

Also, prosecutors said when federal agents question Hillman in September 2008, he “knowingly made materially false, fictitious and fraudulent statements to the FBI and IRS Criminal Investigations when asked about the source of the funds,” according to a statement from the U.S. Attorney’s Office in Denver. 

“IRS Criminal Investigation is committed to ‘following the money trail’ to ensure those who engage in illegal activities like embezzlement are vigorously investigated and brought to justice,” Christopher M. Sigerson, a special with the IRS Criminal Investigation office in Denver, said in a statement. 

According to prosecutors, Hillman faces as many as 10 years in federal prison and a $250,000 fine for each count of money laundering as well as five years in federal prison, and up to a $250,000 fine for making false statements to federal agents. 

Also, prosecutors said Hillman faces forfeiture of the 1999 Nissan Skyline. 

Hillman is scheduled to be sentenced Feb. 19, 2010. Federal prosecutors said he is currently free on $10,000 bond.