Austin Veith, 33, was scheduled to stand trial on one count of theft and multiple counts of securities fraud this coming Monday in Boulder District Court, but entered the plea Tuesday morning in exchange for prosecutors dropping some of the security fraud charges.

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Veith, who once owned Boulder tanning salon Sol Tan, started online frequent flier mileage tracking website UsingMiles.com in 2008 with a former classmate at the University of Colorado business school.