Robert D. Christensen, the second owner of a local real estate investment firm, has pled guilty to his involvement in a multi-million-dollar fraud conspiracy, just two months after his business partner, Anthony M. Matic, admitted to similar charges. As reported by the U.S. Attorney's Office, Christensen faces significant prison time for conspiracy to commit wire fraud and money laundering, alongside his partner.
The guilty pleas stem from a sophisticated scheme that unfolded over four years, where Christensen and Matic swindled individual investors with promises of high returns on investments in real estate renovation projects. They lured their victims with prospects of interest ranging from eight to fifteen percent, and with assurances of quick and substantial payouts. However, the returns failed to materialize, leading the duo to siphon funds from new investors to pay off earlier ones. Their affliction reached out to multiple victims, leading to over $11 million in losses for individual investors, and an additional $7 million defrauded from commercial lenders.
As the Justice Department outlines, by December 2020, Christensen and Matic pivoted to defrauding commercial lenders through false loan applications. The fines for their crimes could reach $250,000 or double the gross gains or losses resulting from the offenses, a stark reminder of the heavy toll financial fraud can exert on the fabric of society. The sentencing for both men is scheduled for October 14.
The FBI and IRS Criminal Investigation led the charge in uncovering the fraud, with Assistant U.S. Attorney Robert Trisotto spearheading the prosecution. As this case progresses to sentencing, the story of Christensen and Matic's downfall serves as a cautionary tale for those entrusting their investments to promises that, like the fabrications spun by these men appear far too good to be true.
