The defendant tried to hide fraud profits in cashier checks and gold coins
Denver – On 16th December 2020, U.S. Attorney Jason Dunn announced that David Paul Rietz, age 60, from Lakewood, Colorado was convicted to serve ninety-two months in federal prison followed by 3 years of supervised liberation for conspiracy to perpetrate money laundering. Rietz was also directed to remit 4,197,775.83 USD in restitution. The Federal Bureau of Investigation and IRS- Criminal Investigation participated in the announcement.
As per the court documents, Rietz swindled his boss, a nonprofit health care program situated in Colorado, of over 16 million USD. Rietz created a plot whereby increased quotes for computer services were presented using another enterprise possessed by an accomplice. Rietz approved those quotes, whereby millions in increased remittances were sanctioned before the scheme was identified. Profits went back to Rietz and his accomplices via a 3rd party, which returned the proceeds to Rietz in the form of remittances on fraud contracts for cashier checks, goods and services, and gold coins.
U.S. Attorney Jason Dunn said that his office was dedicated to identifying and prosecuting complex fraud plots. He added that through great collaboration with the FBI, IRS- Criminal Investigation, and their prosecutors were uncovering complex fraud schemes and bringing justice to Coloradan victims.
Special Agent in Charge of the IRS- Criminal Investigation Andy Tsui said that law-abiding and honest taxpayers were fed up with those who utilized lies and fraud to fill their coffers with other people’s money. He added that the role of IRS- Criminal Investigation became even more crucial in fraud and embezzlement trials as a result of elaborate monetary transactions that took time to identify. He further added that persons who took part in those kinds of monetary fraud should be aware that they would be held liable.
Special Agent in Charge of the FBI Denver Michael Schneider said that FBI Denver collaborated closely with law enforcement liaisons to fight money laundering and white-collar offenses in the societies. He added that the conviction of Mr. Rietz should act as a discouragement to those who looked to exploit the innocent victims that their criminal conduct would not be allowed, and they would be brought to justice. He commended the commitment and work of the U.S. Attorney’s office and IRS on the investigation.
Rietz was convicted on 14th December 2020, by United States District Court Judge R. Brook Jackson. The conviction comprised of enhancement for being the creator and manager of the crime and for obstruction of justice for cheating under oath of civil trials linked to the primary fraud. Rietz’s accomplices were previously convicted. Richard Scott Cartwright was convicted on 6th August 2019, by Judge Jackson to serve sixty months in federal prison and also directed to remit 4,197,775.83 USD in remuneration, which was a similar total as Rietz. Lyle Perry, who took part in money laundering but not the primary fraud, was convicted to thirty-six months in federal prison by Chief Judge Phillip A. Brimmer, and directed to remit restitution of nearly 2.6 million USD.
The investigation for the case was conducted by the Federal Bureau of Investigation and the Internal Revenue Service- Criminal Investigation. The prosecution for the case was handled by Assistant United States Attorney Anna Edgar.
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