Albuquerque real estate developer gets prison time
Posted at: 04/26/2013 8:20 PM
| Updated at: 04/26/2013 10:12 PM
By: The Associated Press
ALBUQUERQUE, N.M. (AP) - An Albuquerque real estate developer has been sentenced to more than two years in federal prison for bank fraud.
Prosecutors say 61-year-old Vincent J. Garcia received a 27-month prison term Friday followed by five years of supervised release.
Garcia also was ordered to pay more than $722,000 in restitution to victimized banks and surrender to a federal correctional institution within 60 days.
He pleaded guilty in August 2011 to bank fraud and money laundering charges in connection with three real estate development projects, including Anasazi Downtown.
Garcia was accused taking drawdowns on bank loans that he used for personal expenses and an investment in a casino in Washington state.
Prosecutors say a co-defendant also pleaded guilty in the case and is facing up to 20 years in prison plus restitution.
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