An Aurora businessman was sentenced to eight years in federal prison after pleading guilty to duping clients who paid upfront fees but never got the multi-million-dollar loans they were promised.
David Gwin, 51, also will have to pay victims $933,841.06, in addition to forfeiting almost that much — $933,585, according to the U.S. Attorney’s Office in Denver, which prosecuted the case that was investigated by the Internal Revenue Service and the FBI.
Gwin was indicted by a federal grand jury in Denver in February and pleaded guilty a week later, agreeing he bilked clients from October 2003 to August 2005 through his businesses, Asset Funding Solutions, which later changed its name to Asset Global Funding.
According to prosecutors, an unspecified number of clients paid advance fees from $5,000 to $340,000, depending on the size of the loan. The total number of clients was not released.
“If someone asks you to pay money to obtain a loan, you need to be extremely wary,” U.S. Attorney David Gaouette said in a statement today.
James Davis, the FBI’s special agent in charge of the Denver FBI office, added, “Hopefully, Gwin’s long-term of imprisonment will provide the victims with some sense of justice.”
