Feds, Wise may make a deal | AspenTimes.com

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.

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