Collie Christensen, Ex-ITEX CEO Arrested for Financial Fraud. Again!

February 15, 2011

Sacramento entrepreneur pleads guilty in finance scheme
By Denny Walsh
dwalsh@sacbee.com

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.

Read more: http://blogs.sacbee.com/crime/archives/2011/02/sacramento-entr.html#ixzz1Pps0HJu7

Collie Christensen, ex-ITEX CEO Pleads Guilty to Miappropriating $1 Million of Investor Funds

Sacramento Real Estate Executive Pleads Guilty To Misappropriating Nearly $1 Million Of Investor Funds
FOR IMMEDIATE RELEASE
CONTACT: Lauren Horwood

February 15, 2011
PHONE: (916) 554-2706

http://www.usdoj.gov/usao/cae
usacae.edcapress@usdoj.gov

Docket #: 2:11-cr-00070-JAM

SACRAMENTO, Calif. — United States Attorney Benjamin B. Wagner announced that Collins “Collie” Max Christensen, 53, of Sacramento, pleaded guilty today before United States District Judge John A. Mendez to one count of wire fraud related to a scheme to misappropriate investor funds. This case is the product of an extensive investigation by the Federal Bureau of Investigation. Assistant United States Attorney Russell L. Carlberg prosecuted the case. According to court documents, Christensen managed companies, such as Equus 11 Inc., that were used for multipurpose land development projects located in California, Mississippi, and Cabo San Lucas, Mexico. From 2006 through 2008, Christensen raised more than $2.3 million from 14 investors for these projects. Christensen misappropriated approximately $985,994 of the $2.3 million, spending the money on unrelated business and personal expenses. Christensen also failed to disclose to investors the extent of financial difficulties his projects were facing. “This case demonstrates this office’s continued emphasis on investigating and prosecuting financial fraud,” said U.S. Attorney Wagner. Christensen is scheduled to be sentenced on May 3, 2011 at 9:30 a.m. The maximum statutory penalty for wire fraud is 20 years in prison, a $250,000 fine and three years of supervised release. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

ITEX Exposed

This blog is for all of the companies and people that ITEX has cheated, manipulated, lied to, or screwed…

This is your opportunity to write your story about ITEX, to expose ITEX, its past or current Board and Management, for who and what they really are, or how they lie and cheat the public.

When adding your post, please be sure to provide the facts!