I don't think this is true. Under Colorado law, I believe you are entitled to treble damages, but not the entire value of the lease.
C.R.S. 38-12-103(3)(a) The willful retention of a security deposit in violation of this section shall render a landlord liable for treble the amount of that portion of the security deposit wrongfully withheld from the tenant, together with reasonable attorneys' fees and court costs; except that the tenant has the obligation to give notice to the landlord of his intention to file legal proceedings a minimum of seven days prior to filing said action.






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