Colorado Man Nailed With 62 Count Indictment Alleging Theft Of Million$ From Dozens In Foreclosed Home Investment Scam

In Denver, Colorado, KUSA-TV Channel 9 reports:

• A Colorado man is accused of stealing millions from would-be investors through an elaborate real estate fraud. A Denver grand jury indicted 64-year-old Kenneth Germain on January 2 on 62 counts, including theft and securities fraud. Prosecutors say Germain scammed dozens of people into buying foreclosed properties from the U.S. Department of Housing and Urban Development and then kept the money for his own benefit. An arrest warrant has been issued for Germain and the Denver District Attorney's Office says he has made arrangements to turn himself in to authorities in the next few days. The indictment lists 60 victims with 167 properties involved in the alleged scam. [...] An economic crime unit for the Denver District Attorney's office investigated Germain, along with the Office of Inspector General for the U.S. Department of Housing and Urban Development.

In addition to the theft charges and multiple counts of state securities fraud, Germain faces state racketeering charges. Reportedly, the damage caused by the alleged scam includes loss of savings, ruined credit, homes in foreclosure due to inflated appraisals, illness, divorce.

For more, see Man accused of scamming 60 different people.

Go here for the Indictment - State of Colorado v. Germain.