Washington Man Convicted In Elaborate Tax Credit Scheme In Denver
DENVER (CBS4) - A man accused of an elaborate scheme to sell non-existent tax credits has been convicted.
According to Lynn Kimbrough with the district attorney's office, Alan Eugene DeAtley, 59, was found guilty of violating Colorado's Organized Crime Control Act (COCCA), two counts of conspiracy, four counts of theft, 15 counts of forgery and one count of tax evasion.
"DeAtley, who is from Washington state, purchased hundreds of acres of land in Jackson County several years ago and then created 20 and 40 acre parcels," Kimbrough said in a statement. "He created conservation easements on each parcel and then created multiple entities that enabled him to sell non-existent tax credits to unsuspecting victims."
Kimbrough said the victims lost their money and also "had to pay taxes when the tax credits were later disallowed by the Department of Revenue."
"As part of his scheme, DeAtley submitted forged appraisals and failed to pay income tax to the State of Colorado," Kimbrough said.
Approximately 20 victims lost nearly $3.5 million.
DeAtley could face more than 100 years in prison. He's scheduled to be sentenced on April 7.