Feds, Wise may make a deal | AspenTimes.com
YOUR AD HERE »

Feds, Wise may make a deal

A preliminary hearing for accused embezzler Michael R. Wise, scheduledtoday in Denver’s U.S. District Court, will likely be continuedpending a disposition in the matter, according to attorney GaryLozow, Wise’s counsel.”The government and Mr. Wise are discussing a possible resolutionof the charges,” Lozow said Monday. Wise will have to appear before U.S. Magistrate Judge PatriciaA. Coan today, but his appearance is merely a formality, Lozowsaid.”He’ll walk up and the case will be continued for a short periodof time” – about a week, he said. Wise, who admitted last fall to “misappropriating” some $6 millionentrusted to him by lenders and investors, was served with a criminalcomplaint alleging wire fraud on Feb. 4.The nine-page complaint details several schemes employed by Wiseto convert monies entrusted to him by lenders and investors inCornerstone Private Capital LLC toward his own personal and businessobligations. However, Wise faces just one count of wire fraud,which carries a penalty of no more than five years in federalprison and/or a $250,000 fine, for orchestrating the complex scheme.Wise appeared before Magistrate Coan on Feb. 10, at which timethe March 2 preliminary hearing date was set.Wise has not been arrested to date; he remains free on a personalrecognizance bond.


Support Local Journalism

Support Local Journalism

Readers around Aspen and Snowmass Village make the Aspen Times’ work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User


News


See more