By Peter Jones
Littleton businessman Peter Vincent Capra was indicted by a federal grand jury in Denver last week for wire fraud, mail fraud, and money laundering. He had previously been charged with obstruction of justice.
Capra, 55, was the president of Golden Design Group, which built and sold houses in the metro area. He was also the registered agent for Distinctive Mortgages, which used Golden Design’s office space and provided mortgages for some of the firm’s home purchasers.
As part of the fraud, prosecutors said Capra created Cambridge Real Estate Consulting and Chateau Real Estate Investments. Although publicly filed paperwork suggested these were independent entities, Capra and his associate led all activities and controlled their bank accounts.
Between 2005 and 2008, Capra is accused of defrauding lenders with falsified mortgage-loan applications and related documents. He would allegedly structure transactions in ways that allowed buyers to receive substantial amounts of the lender’s money at closing without the lender’s knowledge.
The indictment says Capra facilitated the scheme by causing mortgage applications to be submitted with erroneous information about the purchaser’s income, liabilities and intent to occupy the home as primary residences.
According to the prosecutors, many purchasers bought multiple properties around the same time in an attempt to prevent lenders from discovering the extent of the buyer’s real estate liabilities.
At the closing or soon after, Capra would allegedly distribute funds to buyers in ways that prevented the lenders from knowing where the funds were going.
Capra faces one count of obstruction of justice, 14 counts of wire fraud, two counts of mail fraud and 10 counts of money laundering. If convicted on all counts, he faces decades in prison and hundreds of thousands of dollars in fines.
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