Ernie Colter, 50, has been indicted by the the Colorado Statewide Grand Jury on three counts of theft and one count of forgery for his role in fraudulently obtaining a loan for a client and then stealing some proceeds from a related real estate transaction.

According to the indictment, Colter, acting as the originating broker for a real estate transaction, qualified a client for a $700,000 home loan by submitting forged earning statements and asset statements along with other falsified documents to Countrywide Mortgage. Colter is suspected of diverting more than $60,000 of the proceeds from the sale of the real estate into his own bank account by tricking the seller of the property. Further, the indictment alleges that Colter stole more than $20,000 from the purchaser of the property by failing to deliver the funds to the new owner after the closing took place.

This indictment resulted from an investigation by the Colorado Division of Real Estate working in conjunction with investigators from the Attorney General's Office. Colorado Attorney General John Suthers made the annoucement.

Attorneys from the Office of the Attorney General will prosecute Colter in Arapahoe County District Court.