Legal woes pile up for suspected money launderer
The Aspen Times
Aspen, CO Colorado
DENVER ” A man accused of swindling a Pitkin County employee out of thousands of dollars found himself in trouble again when he was arrested Wednesday on the Front Range for alleged wire fraud and money laundering in an unrelated case, authorities said.
Federal agents took David Gwin, 50, of Commerce City, into custody a day after he was named in a 15-court indictment, the U.S. Attorney’s Office in Denver said. Gwin was to appear in U.S. District Court in Denver on Wednesday for an advisement hearing.
The indictment alleges that Gwin took $1.127 million in fees from clients seeking multimillion-dollar loans. He apparently told people and companies they had to pay a fee in advance as a “due diligence fee, sometimes as a retainer, and sometimes as an application fee.”
The acts occurred between October 2003 and July 2005 when Gwin operated a business called Asset Funding Solutions Inc., which “purported to be in the business of … finding private investors to fund loans for investment projects … and being the lender itself for such loans.”
Eleven counts of wire fraud, three counts of money laundering and one count of asset-forfeiture are spelled out in the indictment.
Gwin faces a potential penalty of up to 20 years in prison for each wire fraud count, as well as a fine of up to $250,000 for each count. Each of the money laundering counts carries a potential prison term of up to 10 years, and a fine of up to $250,000 for each count.
The federal allegations against Gwin predate the crimes of which he stands accused in Pitkin County.
He was arrested in January 2007 for allegedly bilking Pitkin County employee Ignacio Gonzales out of $23,963.
Gonzales took a loan from his retirement account to buy a manufactured home from Colorado Home Builders of Delta ” a company owned by Gwin, according to court documents.
The money was transferred to a company account to pay for costs associated with the purchase of the home. When the deal fell through, the money was to be returned to his retirement account.
That apparently never happened, according to court documents.
Delta police later arrested Gwin. He was subsequently charged with theft of $15,000 or more (a class-three felony), and conspiracy (a class-six felony).
While his case originated in Delta County it was transferred in February 2008 to Pitkin County, presumably at the request of the defense.
A preliminary hearing was held in January, at which District Court Judge James Boyd found cause to bound Gwin over for trial. An arraignment is set for March 16 in Pitkin County Court in Aspen.
He is free on $25,000 bond. It was not clear if bond was set in Denver in the alleged wire fraud case.
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