Indictment obtained in mortgage fraud, theft case

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The Statewide Grand Jury has indicted Ernie Colter on three counts of theft and one count of forgery for his role in fraudulently obtaining a loan for a client and then stealing some proceeds from a related real estate transaction.

According to the indictment, Colter, acting as the originating broker for a real estate transaction, qualified a client for a $700,000 home loan by submitting forged earning statements and asset statements along with other falsified documents to Countrywide Mortgage.

Colter is accused of diverting more than $60,000 of the proceeds from the sale of the real estate into his own bank account by tricking the seller of the property. The indictment also alleges that Colter stole more than $20,000 from the purchaser of the property by failing to deliver the funds to the new owner after the closing took place.

The Colorado Division of Real Estate and the state Attorney General’s Office each participated in the investigation. Colter will be prosecuted in Arapahoe County District Court.