National

Sep 11, 2013 12:44 PM by Associated Press

California man pleads guilty in real estate scheme

DENVER (AP) - A California man who was president and CEO of Culver City, Calif.-based Synergy 2002 REI Inc. has pleaded guilty to wire fraud and money laundering in connection with the purchase of homes in Colorado.

Federal authorities said losses totaled $4.7 million for business deals involving Dale Johnson.

According to a plea agreement, Johnson and other members of the company began buying residential properties in Colorado in 2006.

Federal investigators say Synergy members and others provided lenders with false information about income, assets, debts, employment history and other information, including the intent of buyers to occupy the homes as a primary residence.

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