The Rocky Mountain News reports that a
Lawrence M. Rosenberg, who according to real estate records owns the
He said a “fair estimate” is that Vagle’s schemes bilked home sellers and lenders out of at least $1 million. It could have been worse, but some lenders would not approve loans Vagle submitted, Morales said.
In some cases, Vagle or others, including Rosenberg, submitted fraudulent loan applications to lenders that included phony checks, W-2 forms, letters of recommendation and letters verifying employment, according to the 20-page, 15-count indictment.
In one case, Vagle said he would buy several properties from a woman and use the proceeds to pay off her credit card debt, but he instead used the money for his own business expenses, according to the indictment.
He posted his $150,000 bail on Monday and is scheduled to turn himself in next week, said Daniel Chun, criminal investigator in the economic crime unit in the Denver district attorney’s office. Authorities were unable to locate Vagle until last week.