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Denver bankruptcy lawyer appointed receiver for Madyson Capital Management

November 13, 2017 Updated: November 13, 2017 at 2:25 pm
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A Denver District Court judge has appointed Denver bankruptcy attorney John Smiley as receiver for all assets of Madyson Capital Management and founder and CEO Joseph David Ryan after a hearing Thursday.

Denver District Judge Eric Eliff also extended a court order freezing all of the company's and Ryan's assets. Those total $8 million to $9 million, excluding any encumbrances against the properties, a state securities spokeswoman said Monday. Eliff froze the assets of Ryan and Madyson, which operates offices in Colorado Springs and Henderson, Nev., on Oct. 30 amid allegations in a lawsuit by Colorado Securities Commissioner Gerald Rome that the company and Ryan spent more than $13 million of investors' money on homes, vehicles, jewelry and other personal items.

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