A Westminster man faces decades in prison after pleading guilty to stealing $1.8 million from people who hired him to coordinate multi-million dollar loans.
Timothy J. Tucker, 52, pleaded guilty to one count of wire fraud and one count of money laundering on April 13 in U.S. District Court, according to a news release from the U.S. Attorney’s Office. Tucker is scheduled to be sentence on July 13.
A federal grand jury in Denver indicted Tucker on Oct. 7, 2014.
Between February 2010 and late 2013, Tucker devised a scheme using his two companies, Assured Venture Group and The Financial Group, LLC. Through the two business, Tucker would recruit clients looking for multi-million dollar loans for investment projects, which he claimed he could secure by issuing corporate bonds.
Tucker would meet with people and businesses looking for the loans and tell them they were required to pay fees in advance. He claimed the fees would be used on underwriting, due diligence and closing costs.
In some cases, Tucker promised the fees would be placed in escrow accounts.
Tucker repeatedly lied about being wealthy to convince victims that he had the experience and knowledge to secure the loans, according to the release. In reality, Tucker had no experience obtaining the loans, no connections to facilitate the funding and no personal wealth.
Twenty-one clients paid Tucker nearly $1.8 million in fees. Tucker did not secure loans for any of his clients.
The majority of the fees were used on things unrelated to the loans.
The charge of wire fraud carries a penalty of up to 20 years in prison and a fine of up to $250,000. Tucker could face up to 10 years in prison for the money laundering fee and a fine of up to $250,000.
