Littleton Man Sentenced for Mortgage Fraud Scheme

A Littleton man was sentenced to 12 years in prison for his role in a massive mortgage fraud scheme that netted him over $11 million.

Peter V. Capra, 57, was sentenced to 144 months in federal prison by U.S. District Court Judge R. Brooke Jackson, who also ordered him to serve three years on supervised release and pay over $9 million in restitution.

Capra was found guilty of 14 counts of wire fraud, two counts of mail fraud, and 10 counts of money laundering after an eight-day trial in 2014. He was also accused of obstruction of justice, but was found not guilty.

The scheme involved a company called Golden Design Group, Inc., which built and sold houses in the Denver metropolitan area. Capra was the president of the company and also the registered agent for Distinctive Mortgages, LLC, which provided mortgages to some of the company’s customers.

From January 2005 through July 2008, Capra and others executed a scheme to defraud several mortgage lenders by providing false information on loan applications and selling homes to unwilling or unqualified buyers. The scheme involved 33 properties in Parker, Colorado, and Capra netted over $11 million as a result.

Capra was charged with wire and mail fraud, each carrying a penalty of up to 20 years in prison and a fine of up to $250,000 or twice the gain or loss from the offense. He was also charged with money laundering, which carries a penalty of up to 10 years in prison and a fine of up to $250,000 or the value of the property involved in the transaction.

Capra’s co-conspirators, Demetrious G. Gianopoulos and Brian Waring, were also charged in separate indictments. Gianopoulos pleaded guilty to money laundering and was sentenced to five years’ probation, while Waring pleaded guilty to conspiracy to commit mail fraud, wire fraud, and money laundering and was sentenced to 18 months in prison.

Capra’s sentence is a significant blow to those who thought they could get away with a massive mortgage scam. The case serves as a reminder of the consequences of white-collar crime and the importance of holding perpetrators accountable.

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