Real Estate Executive Admits Stealing Funds

Allison Tussey —  February 18, 2011 — 1 Comment

Collins “Collie” Max Christensen, 53, Sacramento, California, pleaded guilty before United States District Judge John A. Mendez to one count of wire fraud related to a scheme to misappropriate investor funds.

According to court documents, Christensen managed companies, such as Equus 11 Inc., that were used for multipurpose land development projects located in California, Mississippi, and Cabo San Lucas, Mexico. From 2006 through 2008, Christensen raised more than $2.3 million from 14 investors for these projects. Christensen misappropriated approximately $985,994 of the $2.3 million, spending the money on unrelated business and personal expenses. Christensen also failed to disclose to investors the extent of financial difficulties his projects were facing.

Christensen is scheduled to be sentenced on May 3, 2011 at 9:30 a.m. The maximum statutory penalty for wire fraud is 20 years in prison, a $250,000 fine and three years of supervised release. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

United States Attorney Benjamin B. Wagner announced the guilty plea. 

This case is the product of an extensive investigation by the Federal Bureau of Investigation. Assistant United States Attorney Russell L. Carlberg prosecuted the case.

“This case demonstrates this office’s continued emphasis on investigating and prosecuting financial fraud,” said U.S. Attorney Wagner.

Be Sociable, Share!

Allison Tussey

Posts Google+

One response to Real Estate Executive Admits Stealing Funds

  1. I do not live in the state you live in but we have many perpetrators in ourr state they ran a mortgage fraud scam on me using gangs upon gangs at a beauty salon in anotaher state they offered to sell me a trailor and put another girls name on it and me beat raped and tortured murdering the children that I gave birth to and they are still free men and women
    the bank and the courthouse both are letting these people go free that were in on it and may have been in on the whole thing

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>