Convicted former Marion investment broker sold forfeited property, according to indictment

A former Marion investment broker already serving federal prison time for scamming several victims out of thousands is now charged with attempting to sell property that was forfeited for victim restitution.

Randy Beltramea, 49, pleaded not guilty to four counts of obstruction of justice Monday in U.S. District Court. He is accused of accepting payments for the purchase of lots in Castlerock development, a housing development near Mount Vernon, from Aug. 3 2013 through Jan. 31, 2014, which was subject to forfeiture as part of his plea agreement in the fraud scheme. Beltramea surrendered all legal claims regarding the real property, according to the preliminary forfeiture order.

Beltramea told prosecutors at his sentencing in March that he hadn't been able to sell the Castlerock development, which consists of 80 acres of land that is plotted into separate lots, according to the superseding indictment. The indictment lists amounts ranging from $4,000 to over $84,000 paid for lots that Beltamea sold but he never cashed the checks and never informed the government.

Beltramea also used a power of attorney granted to him by his mother for other purposes to sign a mortgage falsely to reflect that she loaned him $338,000 in exchange for a secured interest in the Castlerock development, according to the indictment. His mother didn't know about the mortgage, didn't approve the mortgage and didn't loan him $338,000. Beltramea filed the mortgage Jan. 31, with the Linn County Recorder.

Earlier this year, Beltramea 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. The other eight charges were dismissed as part of the plea deal.

According to a plea, Beltramea admitted to scheme of taking money from investors to buy Subway shops and instead, used the money for his own real estate investments in 2009 and 2010. In connection with soliciting money from one of the investors, he provided the investor with a promissory note on which he forged the signature of another person who was involved in buying a Subway shop.

Beltramea also admitted moving some of the fraud proceeds 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. He also 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.

A judge, who called Beltramea a 'flimflam artist” ordered him to pay $337,488 to four victims and U.S. Bank at his sentencing.

Beltramea's trial is set Jan. 12, 2015.