A real estate agent accused of deceiving investors in a property scheme has recently been sentenced in court. He was originally suspected of lying to investors about the true value of a Colorado land property then using the excess money for business transactions. In his criminal defense, he was ultimately sentenced to ten years of probation, and during this time, he is expected to pay $1.5 to $1.6 million in restitution back to the investors.
According to the report, the real estate agent was selling 21 acres of land in north Broomfield near Colo. 7 and I-25. The company that the man worked for initially purchased the land for $1.8 million. However, the man was wrongfully telling the investors that the purchase price was actually $3.3 million. The names of the investors have not been released, but the report states that there were at least seven people involved.
The man originally faced nine counts of securities fraud, but eight counts were ultimately dropped. He was sentenced to 10 years of probation and forced to pay restitution. The court has appointed officials to interview the investors within 75 days, and the officials will decide on a fixed restitution price said to be between $1.5 and $1.6 million.
In his criminal defense, the Colorado real estate agent expressed his remorse and stated that he had never intended to deceive the investors; he had simply let an investment situation get out of hand. The report is not clear on whether the man was offered a plea deal or whether the judge simply saw fit to drastically reduce his sentence upon hearing his defense. Regardless, the man was ultimately able to avoid jail time. This man’s case is a good example of the right that all accused persons have to make choices in his or her criminal defense in the hopes of attaining the most beneficial result.
Source: The Broomfield Enterprise, Broomfield real estate agent gets 10 years probation, $1.5 million in restitution for securities fraud, Megan Quinn, Dec. 13, 2013