Real estate fraud 'mastermind' sentenced to 24 years in jail

DENVER BUSINESS JOURNAL - A Denver man called the "mastermind" of a residential real estate fraud scheme has been sentenced to 24 years in jail.

Jose Ricardo Sarabia-Martinez, 35, allegedly ran the real estate scheme with member of his family, including his then wife, mother, father and brothers.

The government alleges that Sarabia-Martinez used "straw buyers" at his Worldwide Realty company to buy and sell real estate using fraudulent loans.

"Sarabia-Martinez was the mastermind of a fraudulent scheme that stole millions of dollars from his victims. This lengthy sentence will keep him off the streets and prevent him from harming any other innocent people," said Colorado Attorney General Cynthia Coffman, in a statement.

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