A former Gunnison County resident is facing federal mail fraud and wire fraud charges after allegedly running a complicated investment scam involving NASCAR memorabilia.
Michael Patrick Corrigan, 57, was arrested this morning in Tuscaloosa, Ala.
According to an indictment obtained by the U.S. Attorney’s Office in Colorado, Corrigan was the registered agent of a company called Racezing Mania Corporation in Crested Butte. Corrigan also controlled two more companies, called NascarMania, LLC and Markettron Holdings, LLC, according to the indictment.
All three companies were supposedly involved in selling NASCAR memorabilia, such as die-cast cars and apparel. Corrigan promised investors big returns and said he had licensing agreements lined up to produce the memorabilia and race car drivers committed to the enterprise, according to the indictment. Corrigan told investors he had invested $2 million in the companies and said the businesses would eventually bring in more than $100 million a year, the indictment alleges.
None of that was true, officials charge.
Between 2005 and 2008, Corrigan obtained about $950,000 in investor funds, the indictment states.
Corrigan will be extradited to Colorado to face the charges. If convicted, he faces more than 20 years in prison and up to a $250,000 fine on each of the eight counts.
