November 17, 2024 7:21 pm
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Man pleads guilty to $5 million Arizona real estate fraud scheme

real estate fraud

By Jeff German | Las Vegas Review-Journal

real estate fraudA Southern California man pleaded guilty Tuesday in a $5 million investment fraud scheme involving real estate projects in Lake Havasu City, Ariz., and Kingman, Ariz.

Michael John Bowen, 61, entered guilty pleas in federal court in Santa Ana, Calif., to one count of tax fraud and one count of mail fraud, the Internal Revenue Service announced.

He faces a maximum of 23 years in prison at his Feb. 21 sentencing.

Between 2003 and 2009, Bowen used his development companies to solicit more than $28 million in securities, membership interests and stocks from investors in the Arizona development projects, according to his plea agreement.

Bowen admitted pocketing roughly $5 million.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.