Businessman Loses Appeal to Overturn Sentence for Defrauding Investors in Real Estate Projects

Allison Tussey —  October 15, 2013 — Leave a comment

Collins Max “Collie” Christensen Sr., Sacramento, California, lost an appeal to overturn his 5 year prison sentence.  Christensen waived indictment and pled guilty to defrauding real estate investors on February 11, 2011.  The judge in that case sentenced Christensen to time in addition to that which was set forth and agreed upon in his plea agreement.  Christensen appealed his sentence.

According to the decision on appeal, Christensen waived indictment by a grand jury and pleaded guilty to a one-count information charging wire fraud. The plea agreement revealed that, between 2006 and 2008, Christensen managed the operations of at least six land development companies, which—in turn—managed multiple real estate projects spearheaded by Christensen. By soliciting individual investors, Christensen received a total of approximately $2,385,959 from fourteen individuals who agreed to invest in one or more of Christensen’s projects.

Over time, Christensen diverted a significant amount of the investors’ funds, using the diverted funds for undisclosed purposes.

Christensen admitted that he misappropriated approximately $985,994 of investors’ funds using the interstate wires to further his criminal scheme. Christensen further admitted that he diverted investors’ funds not only for use on undisclosed real estate projects but also for his own personal use.

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