A Houston real estate developer is now facing up to 20 years in the slammer after pleading guilty to wire fraud, for swindling an investor out of more than half a million dollars. U.S. Attorney Alamdar S. Hamdani made the announcement of the guilty plea, as 47-year-old Walter Salek copped to the charges that he blew the investor's cash on lavish vacations and mortgage payments instead of the real estate projects he promised.
Between the years of 2019 and 2021, Salek entered into an investment pact, where he brought real estate to the table, and the investor, laid out over $1 million in cash to develop these properties. These projects, located in the Houston area, were slated to be leased, or sold after completion. But according to the U.S. Attorney's Office, Salek had a different plan for the funds.
Salek admitted during his plea that he siphoned off at least $571,000 of this investment money for his own personal leisure – including mortgage payments and fancy getaways. The investor, hoodwinked by Salek, believed their funds were being put to good use in the real estate projects they had been promised.
U.S. District Judge Sim Lake is set to dish out Salek's punishment on July 11, at which point the convicted could find himself locked up for a couple of decades and hit with a fine of up to $250,000. Despite the severity of his crimes, Salek has been allowed to enjoy freedom on bond until his sentencing date rolls around. The FBI conducted the investigation with Assistant U.S. Attorney Belinda Beek leading the prosecution efforts.
