Marion Broker Beltramea Gets Over Nine Years For Fraud, Laundering

Former Marion, Iowa investment broker Randy Beltramea has been sentenced to over nine years in federal prison for fraud, money laundering, and tax evasion. The 49-year-old was convicted of making false statements to banks, defrauding investors, and evading taxes. Beltramea admitted to using investor funds for personal expenses and real estate investments under false pretenses. He also faces $376,488.27 in restitution. Judge Linda R. Reade called him an ‘unrepentant flim flam artist’ and sentenced him to 111 months. Beltramea was prosecuted by Assistant United States Attorneys C.J. Williams and Jacob Schunk.

Beltramea’s scheme involved soliciting money from investors under false promises of Subway sandwich shop investments, but he used the funds for his own gain. He moved proceeds into an account under his mother’s name to hide the source of the money. The IRS had previously imposed a tax lien exceeding $320,000 against him due to unpaid taxes since 2001. Beltramea also obtained loans with false financial statements and tax returns.

Beltramea was sentenced in Cedar Rapids by Chief Judge Linda R. Reade, who ordered him to serve five years of supervised release after his prison term. There is no parole in the federal system. He is currently being held in U.S. Marshal’s custody pending transport to a federal prison.

The case was investigated by the Internal Revenue Service and prosecuted by Assistant United States Attorneys C.J. Williams and Jacob Schunk. Court file information is available at https://ecf.iand.uscourts.gov/cgi-bin/login.pl under case number 13-20-LRR.