Collie Christensen, Ex-ITEX CEO Arrested for Financial Fraud. Again!
February 15, 2011
Sacramento entrepreneur pleads guilty in finance scheme
By Denny Walsh
A Sacramento entrepreneur pleaded guilty Tuesday in federal court to one count of wire fraud related to a scheme to misappropriate nearly $1 million in investor funds.
Collins “Collie” Max Christensen, 53, is scheduled to be sentenced May 3. He is free on his own recognizance.
According to court documents, Christensen managed companies that were used for multipurpose land development projects in California, Mississippi, and Cabo San Lucas, Baja, Mexico. From 2006 through 2008, he raised more than $2.3 million from 14 investors for these projects, the documents state.
Christensen misappropriated approximately $985,994 of the money, spending it on unrelated business ventures and personal expenses, the documents allege. They also claim he failed to disclose to investors the shaky financial condition of the projects.