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The People of the State of Colorado v. Teresa Martinez
Date: 02-14-2025
Case Number: 22CA1703
Judge: Edwaard D. Bronlin
Court: District Courty, City and County of Denver, Colorado
Plaintiff's Attorney: City and County of Denver, District Attorney's Office
Defendant's Attorney:
Click Here For The Best Denver Criminal Defense Lawyer Directory
Click Here For The Best Denver Criminal Defense Lawyer Directory
Description:
Denver, Colorado criminal defense lawyer represented the Defendant charged with fraud.
In 2006 and 2007, Martinez and her family ran a fraudulent mortgage scheme through their business, Worldwide Mortgage, Inc., and related family-run business entities (collectively, Worldwide). The scheme generally worked as follows:
(1) Worldwide would purchase a residential property by securing a mortgage in a straw buyer's name (often
through false representations on the loan application). Worldwide would cover the down payment and handle
closing on the property; the straw buyer would not live in the home, take possession of the keys, or pay the
mortgage.
(2) Several weeks later, Worldwide would locate a second straw buyer to purchase the property from the original
straw buyer at an inflated price. Worldwide would again secure a mortgage, cover the down payment, and handle
the closing process.
(3) The profits from the sale would be diverted away from the first straw buyer via "a private payoff letter†— a
document directing the title company to pay a portion of the proceeds from the sale to somebody other than the
seller — and into the bank account of a member of the Martinez family (often Martinez herself). The money
would then be rerouted into a different bank account controlled by Worldwide.
(4) The second straw buyer would not make the required mortgage payments, and the lender would foreclose on
the property.
Martinez herself acted as the initial straw buyer for two pieces of property purchased and sold under this scheme.
¶ 3 In 2011, the Colorado Bureau of Investigation (CBI) began a lengthy investigation into Worldwide after it received a tip on its fraud hotline from the bank that refinanced one of Worldwide's offices. In 2012, after that bank successfully foreclosed on the office, CBI gained access to over two hundred boxes of transaction files that were abandoned by Worldwide. Mortgage and financial fraud specialists with CBI spent months evaluating the documents and eventually uncovered the straw buyer scheme.
The Defendant pleaded guilty to one count of criminal mischief.
In 2006 and 2007, Martinez and her family ran a fraudulent mortgage scheme through their business, Worldwide Mortgage, Inc., and related family-run business entities (collectively, Worldwide). The scheme generally worked as follows:
(1) Worldwide would purchase a residential property by securing a mortgage in a straw buyer's name (often
through false representations on the loan application). Worldwide would cover the down payment and handle
closing on the property; the straw buyer would not live in the home, take possession of the keys, or pay the
mortgage.
(2) Several weeks later, Worldwide would locate a second straw buyer to purchase the property from the original
straw buyer at an inflated price. Worldwide would again secure a mortgage, cover the down payment, and handle
the closing process.
(3) The profits from the sale would be diverted away from the first straw buyer via "a private payoff letter†— a
document directing the title company to pay a portion of the proceeds from the sale to somebody other than the
seller — and into the bank account of a member of the Martinez family (often Martinez herself). The money
would then be rerouted into a different bank account controlled by Worldwide.
(4) The second straw buyer would not make the required mortgage payments, and the lender would foreclose on
the property.
Martinez herself acted as the initial straw buyer for two pieces of property purchased and sold under this scheme.
¶ 3 In 2011, the Colorado Bureau of Investigation (CBI) began a lengthy investigation into Worldwide after it received a tip on its fraud hotline from the bank that refinanced one of Worldwide's offices. In 2012, after that bank successfully foreclosed on the office, CBI gained access to over two hundred boxes of transaction files that were abandoned by Worldwide. Mortgage and financial fraud specialists with CBI spent months evaluating the documents and eventually uncovered the straw buyer scheme.
The Defendant pleaded guilty to one count of criminal mischief.
Outcome:
Affirmed
Plaintiff's Experts:
Defendant's Experts:
Comments:
About This Case
What was the outcome of The People of the State of Colorado v. Teresa Martinez?
The outcome was: Affirmed
Which court heard The People of the State of Colorado v. Teresa Martinez?
This case was heard in District Courty, City and County of Denver, Colorado, CO. The presiding judge was Edwaard D. Bronlin.
Who were the attorneys in The People of the State of Colorado v. Teresa Martinez?
Plaintiff's attorney: City and County of Denver, District Attorney's Office. Defendant's attorney: Click Here For The Best Denver Criminal Defense Lawyer Directory.
When was The People of the State of Colorado v. Teresa Martinez decided?
This case was decided on February 14, 2025.