Peter V. Capra, Mortgage Fraud, Colorado 2014

A Littleton man has been sentenced to 144 months in federal prison for his role in a mortgage fraud scheme that defrauded several lenders out of millions of dollars.

Peter V. Capra, 57, was found guilty of 14 counts of wire fraud, two counts of mail fraud, and 10 counts of money laundering in March 2014. The scheme, which took place from January 2005 to July 2008, involved the sale of over 30 homes in Parker, Colorado.

According to the indictment, Capra was the President of Golden Design Group, Inc. (GDG), a company that built and sold houses in the Denver metropolitan area. He was also the registered agent for Distinctive Mortgages, LLC, which provided mortgages to some of the customers buying houses from GDG.

Capra structured transactions involving GDG homes to allow buyers to receive substantial amounts of the lenders’ money at the time of closing without the knowledge of the lenders. He also sold a large volume of homes to otherwise unwilling or unqualified buyers.

The evidence presented at trial showed that Capra netted over $11,000,000 as a result of his scheme. Capra was ordered to pay over $9 million in restitution as part of his sentence.

Capra was remanded into custody at the conclusion of the hearing. His supervised release is set to begin after he serves his prison sentence. Demetrious G. Gianopoulos, Brian Waring, and Justin Knight were also charged in connection with the scheme, with Gianopoulos pleading guilty to money laundering and Waring pleading guilty to conspiracy to commit mail fraud, wire fraud, and money laundering.

The case was investigated by federal authorities and resulted in a 8-day trial before Judge R. Brooke Jackson. Each count of wire and mail fraud carries a penalty of not more than 20 years in federal prison, and a fine of the greater of up to $250,000 or twice the gain or loss from the offense. Each count of money laundering carries a penalty of not more than 10 years in federal prison, and a fine of the greater of up to $250,000 or the value of the property involved in the transaction.

Peter V. Capra, whose address is listed as Littleton, Colorado, was sentenced on [no date given] by U.S. District Court Judge R. Brooke Jackson. He will serve 144 months in federal prison and 3 years on supervised release following his prison sentence. The total amount of restitution ordered is $9,000,000.

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