Three New Mexico real estate developers have been indicted in federal court for allegedly having defrauded a New Mexico Credit Union out of millions of dollars.
According to court documents, real estate developers Vincent Garcia, his son David Garcia and Derek Barnhill allegedly defrauded the credit union of more than $700,000 on a reportedly $7 million commercial real estate loan.
Vincent and David Garcia have plead not guilty and are scheduled to go on trial in early May. Barnhill has pleaded guilty to part of the indictment that did not involve the credit union and has been scheduled for sentencing in June.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
