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Colorado real estate broker prison-bound

Mortgage fraud scheme targeted Hispanics

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A former Denver, Colo.-area real estate broker has been sentenced to seven years in federal prison after being found guilty in a scheme involving homes sold to "unsophisticated" buyers knowing little or no English using fraudulently obtained FHA-insured loans. Arvin Stanley Weiss, 58, was also sentenced to pay restitution totaling approximately $853,000 to the Department of Housing and Urban Development, and $5,000 to two victim banks. Weiss was sentenced Tuesday, after a jury convicted him in July of eight counts of mail fraud, five counts of wire fraud, and three counts of witness tampering. A co-defendant, Jesus Guevara, pled guilty to mail fraud, wire fraud and witness tampering, and awaits sentencing. Prosecutors said Weiss was a licensed real estate broker who bought and sold properties as Reserve Capital Funds Inc. Between June 1998 and February 2002, he bought up dozens of single-family residences in the Denver area at low prices, reselling them at "...