Michael Duane Smith convicted of securities fraud in a $50 million Colorado-based investment scam

Michael Duane Smith is listed in a brochure issued by Golf Savings, a mortgage subsidiary of Sterling Savings Bank of Spokane. A spokeswoman said yesterday that he no longer works there.He was convicted of securities fraud in May in federal court in Denver for a scheme in which investors lost nearly $50 million. No sentencing date has been set. Smith's lawyer, Richard Stuckey of Denver, says Smith would have further comment.The Washington Department of Financial Institutions says Smith applied for a loan originator's license but was denied because of his felony conviction. He needs the license to work for a mortgage company, but not a bank.