Investment Broker Pleads Guilty to Fraud
CEDAR RAPIDS, Iowa (AP) - An eastern Iowa investment broker pleaded guilty to charges he defrauded investors, lied to banks and evaded taxes.
The U.S. Attorney's Office says 49-year-old Randy Beltramea, of Marion, pleaded guilty Thursday in federal court in Cedar Rapids to two counts of wire fraud, two counts of making false statements to financial institutions, two counts of money laundering, one count of aggravated identity theft and one count of tax evasion.
Beltramea admitted that in 2009 and 2010, he solicited money from investors under false pretenses. He told them their money would be invested in Subway restaurants when he used it for his own real estate investments and personal expenses.
He moved some investor money into an account under his mother's name to avoid taxes.
Beltramea remains free on bond until sentencing.