A Denver man has been sentenced to 24 years in prison for his part in a real estate scam that bilked victims out of millions of dollars.
Jose Ricardo Sarabia-Martinez was sentenced after being found guilty of multiple counts including felony violations of the Colorado Organized Crime Control Act (COCCA), COCCA-Conspiracy, forgery, theft, and criminal impersonation, according to a media release from the Colorado Attorney General’s Office.
As part of the sentencing, Sarabia-Martinez is expected to be ordered to pay restitution of nearly $1 million.
In addition to Sarabia-Martinez, have pleaded guilty to various charges related to the scheme, including his then wife, mother, father and brothers.
Sarabia-Martinez, along with co-conspirators, used their real estate industry professions to execute a long-term diverse fraud for profit scheme, prosecutors said. The scheme primarily centered on mortgage fraud including the manipulation of multiple real estate transactions through the use of fraudulent statements, material omissions, acquiring false identification and notary commissions, as well using “straw buyers” to buy and sell real estate properties that ultimately resulted in foreseeable foreclosures.
“Mr. Sarabia-Martinez was the mastermind of a fraudulent scheme that stole millions of dollars from his victims,” said Attorney General Coffman in the release. “This lengthy sentence will keep him off the streets and prevent him from harming any other innocent people.”
The crimes took place in various jurisdictions, including Denver, Adams and Arapahoe counties. The Colorado Bureau of Investigation, the U.S. Small Business Administration, Office of Inspector General, FBI, and the Federal Housing Finance Agency, Office of Inspector General took part in the case.
Sarabia-Martinez was previously convicted of felony offenses related to domestic violence, for which he also received a 24-year sentence. Both 24-year sentences will run consecutively, for a total of 48 years.
