Federal authorities on Thursday arrested a Westminster man suspected of wire fraud and money laundering in connection with a three-year scheme to defraud by obtaining advance fees from those seeking multimillion-dollar loans.
Timothy J. Tucker, 51, was indicted on 10 counts of wire fraud and six counts of money laundering by a federal grand jury in Denver on Tuesday, according to the FBI.
Tucker defrauded “individuals and entities” from February 2010 until late 2013, operating through Assured Venture Group and The Financial Group LLC, the FBI said. Tucker’s operations purported to find loans for investment projects through corporate bonds.
Tucker’s companies were paid more than $1.8 million in fees on 21 projects. Federal officials say Tucker did not secure funds for any of the projects and returned advance fees on only two. The FBI says the fees were used on unrelated things, including Tucker’s other businesses.
