Westminster man sentenced in $1.6 million money laundering scheme

NetSpend, Wells Fargo And PayPal
NetSpend, Wells Fargo And PayPal

A 53-year-old Westminster man has been sentenced to 6 1/2 years in federal prison after bilking investors in an investment scheme out of $1.6 million.

U.S. District Judge Christine Arguello also ordered Timothy Tucker to serve three years of supervised release and repay $1.6 million to victims of his multi-million dollar loan projects. He was convicted of wire fraud and money laundering in a plea agreement.

“This is rank theft, and it will be punished,” Acting U.S. Attorney Bob Troyer said in a news release on Wednesday.

Tucker, who ran Assured Venture Group and The Financial Group, sought investments to cover loan fees, closing costs and underwriting costs in 22 projects between 2010 and 2013 by issuing corporate bonds, the news release by Victoria Soltis, Troyer’s spokeswoman. Tucker told investors the fees would be held in escrow.

But Tucker did not secure funding for any of the 22 projects and used the money for unrelated projects including running his other businesses.

Kareem Carter, who headed the IRS team that investigated Tucker’s case along with FBI agents, said schemes like Tuckers’ have brought financial ruin to many Americans.

“Honest and law abiding citizens are fed up with the likes of those who use deceit and fraud to line their pockets with other people’s money,” Carter said.

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