A federal grand jury has indicted a Commerce City man for allegedly charging an advance fee to find loans and for failing to secure the loans.
The grand jury accused David Gwin, 50, of wire fraud in a scam — where he received $1.2 million in fees — that ran from October 2003 to August 2005.
Federal agents arrested Gwin this morning, and he is to be advised of the charges at a hearing in U.S. District Court in Denver this afternoon.
According to the indictment, Gwin preyed on individuals and companies seeking multimillion-dollar loans. Others who were involved may not have been aware of the criminal conduct, said Jeff Dorschner, a spokesman for the U.S. Attorney’s Office in Denver. Gwin is the only person who will face charges in the case.
Gwin operated a business that was first called Asset Funding Solutions Inc. and later became Asset Global Funding.
“During the course of the scheme, defendant Gwin repeatedly told people and companies who had sent AFSI/AGF advanced fees that he was meeting with investors to secure their funding and that funding for their loan would happen soon,” according to the indictment.
Gwin told the loan applicants that the fee was refundable if the loan was not funded, according to the indictment.
The advanced fees ranged from $5,000 to $340,000, depending on the size of the loan.
Tom McGhee: 303-954-1671 or tmcghee@denverpost.com
