Westminster Man Sentenced for Orchestrating a Scheme to Defraud Clients
DENVER – Timothy J. Tucker, age 53, of Westminster, Colorado, was sentenced on August 30, 2016 by U.S. District Court Judge Christine M. Arguello to serve 78 months in federal prison for wire fraud and money laundering, Acting United States Attorney Bob Troyer, Federal Bureau of Investigation Acting Special Agent in Charge Calvin Shivers, and IRS Criminal Investigation Acting Special Agent in Charge Kareem Carter announced. Following his prison sentence, Tucker was ordered to serve 3 years on supervised release. Tucker was also ordered by Judge Arguello to pay $1,614,302.87 in restitution to the victims.
According to the facts contained in the indictment and plea agreement, beginning in February 2010 and continuing until late 2013, Tucker devised a scheme to defraud by obtaining advanced fees from individuals and entities who were seeking multimillion-dollar loans. During the course of the scheme, Tucker operated Assured Venture Group (“AVG”) and The Financial Group, LLC (“TFG”), which purported to be in the business of finding funding for multimillion-dollar loans for investment projects through the issuance of corporate bonds.
Tucker told people and entities seeking multimillion-dollar loans that they were required to pay AVG/TFG fees in advance of AVG/TFG performing work to find funding for the requested loans and that the fees would be spent only on underwriting, due diligence, and closing costs related to the requested loans. For some of these loans, Tucker promised that the advanced fees would be placed in an escrow account to falsely reassure the people and entities seeking the multi-million dollar loans that the advanced fees would be spent on only underwriting, due diligence, and closing costs related to the requested loan, as promised.
Between February 2010 and March 2013, AVG/TFG was paid over $1.8 million in fees on twenty-two different projects, both by individuals and entities. Tucker did not secure funding for any of the projects and did not return any fees on twenty of twenty-two projects. The majority of the fees received by AVG/TFG were used for things unrelated to the requested loans, including Tucker’s other businesses.
"We have very sophisticated agents and prosecutors in this federal district," Troyer said. "This is rank theft, and it will be punished."
“Illegal activity involving the investment industry has brought financial ruin to many Americans. Honest and law abiding citizens are fed up with the likes of those who use deceit and fraud to line their pockets with other people’s money,” said Acting Special Agent in Charge Kareem Carter, IRS – Criminal Investigation, Denver Field Office. “Individuals who engage in this type of financial fraud should know they will not go undetected and will be held accountable.”
This case was investigated by agents with the Federal Bureau of Investigation (FBI) and the Internal Revenue Service – Criminal Investigation.
The case was prosecuted by Assistant United States Attorney Pegeen Rhyne and Special Assistant United States Attorney Daniel E. Burrows.