Two men who have been charged with various white collar crimes, including wire fraud, real estate fraud and money laundering, have recently plead guilty and will be sentenced in mid to late August. Although it’s currently unclear if the guilty pleas were filed as part of a plea deal with prosecutors in order to reduce the potential sentences these men will face, each man could face up to 20 years in prison for each count of wire fraud filed and up to 10 years in prison for each count of money laundering filed. Additionally, the maximum possible fines for each count could be as high as $250,000.
According to court documents associated with this case, the two men worked together to fraudulently obtain mortgage loans on behalf of investors who were buying property in Aurora, Castle Rock or Denver. When completing the loan applications for the buyers, the men lied about the borrowers’ income, in some cases stating that their income was more than double what it actually was. Ultimately, all of the mortgages obtained by the men went into default, causing the lenders to foreclose on the properties. While the lenders ended up losing nearly $8 million, the men operating the scheme reaped hundreds of thousands of dollars in closing costs.
Denver Criminal Defense Lawyers
The authorities take allegations of white collar crimes, particularly those involving allegedly defrauding the borrowers and lenders of millions of dollars, extremely seriously, and these charges – even if a person is ultimately acquitted of them – can have a devastating impact on a person’s personal and professional life. If you or a loved one has been accused of any white collar crime in Denver, you will need an experienced defense attorney who is dedicated to defending your rights.
At the Law Office of Andres R. Guevara, our skilled Denver criminal defense lawyers are committed to providing the accused with the best possible defense and to working tirelessly to helping them resolve their case as favorably as possible. To learn more about your legal rights and receive expert advice on how to proceed with your case, contact us at (720) 379-8262.