Marion man convicted of wire fraud, tax evasion in federal court

A former investment broker who made false statements to banks, defrauded investors, and didn't pay taxes pleaded guilty last week to eight charges in federal court.

Randy Beltramea, 49, of Marion, pleaded guilty 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. According to a plea agreement, Beltramea admitted he devised a scheme to defraud former investors by soliciting money from them under false pretenses in 2009 and 2010. He admitted to telling the investors that their money would be invested in Subway restaurants but he  used their money on his own real estate investment and for his own personal expenses.

In connection with soliciting money from one of the investors, Belramea provided the investor with a promissory note on which he forged the signature of another person who was involved in buying a Subway restaurant. That other person did not give Beltramea permission to use or sign his name to the promissory note.

Beltramea also admitted that he moved some of the proceeds from the fraud into a bank account under his mother's name to hide the source of the money and in an effort to evade taxes, according to the plea agreement. The IRS had previously imposed a tax lien for more than $320,000 against Beltramea because he had not filed tax returns or paid taxes since 2001.

According to the plea, Belramea also admitted that he obtained loans and loan extensions from two banks by providing them with false financial statements and with tax returns he said had been filed with the IRS.

Sentencing hasn't been set at this time. Beltramea faces two to 137 years in federal prison and a $3.7 million fine.