Westminster Man Arrested for Orchestrating a Scheme to Defraud Clients
DENVER—Timothy J. Tucker, age 51, of Westminster, Colorado, was arrested today without incident for wire fraud and money laundering, United States Attorney John Walsh, Federal Bureau of Investigation Special Agent in Charge Thomas Ravenelle, and IRS Criminal Investigation Special Agent in Charge Stephen Boyd announced. Tucker appeared in court for his initial appearance this afternoon before U.S. Magistrate Judge Craig B. Shaffer, where he was advised of his rights and the charges pending against him. Tucker was indicted by a federal grand jury in Denver on October 7, 2014. The indictment remained sealed pending his arrest.
According to the facts contained in the Indictment, 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 only on 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 21 different projects, both by individuals and entities. Tucker did not secure funding for any of those twenty-one projects and didn’t return any fees on nineteen of the twenty-one projects. The majority of the fees received by AVG/TFG were used on things unrelated to the requested loans, including Tucker’s other businesses.
Tucker was charged with ten counts of wire fraud, which carries a penalty of not more than 20 years in federal prison and a fine of up to $250,000 per count, and six counts of money laundering, which carries a penalty of not more than 10 years in federal prison and a fine of up to $250,000 per count.
This case was investigated by the Federal Bureau of Investigation (FBI) and IRS Criminal Investigation. The case is being prosecuted by Assistant U.S. Attorney Pegeen D. Rhyne.
The charges contained in the indictment are allegations, and the defendant is presumed innocent until proven guilty.