Arthur Vasquez Denver is the founder of Alta-Vista Title Company based in Denver. The company claims to be the country’s first Latino title organization. However, the Colorado Real Estate Commission has ordered the closure of Denver-based Alta Vista Title Co.
Arthur Vasquez Denver, the founder of Alta Vista Title, claimed that it was the biggest Latino corporation in the United States, and received a cease and compliance notice issued by the Colorado Real Estate Commission.
The business stated that it has accomplished a total of three billion dollars in deals. The majority of the business’s opportunities became Hispanics who were additionally entrepreneurs in income-producing property.
The flamboyant Arthur Vasquez was making an identity among himself as the primary contact for buyers interested in purchasing repossessed or troubled real estate, repairing their ears, & reselling them for earnings.
However, after receiving a lawsuit from Stewart Title in April, Arthur Vasquez abruptly shuttered his business. Stewart, a title represented by Alta Vista.
By the lawsuit, brought by Denver District Court toward Alta Vista North Denver LLC & Arthur Vasquez.
Arthur Vasquez Denver admitted to wrongfully withdrawing around $900,000 from account escrows and having an agreement to recoup money but ultimately never happened.
Based on the report of Globest.com, the website claim that the lawsuit submitted by accused Arthur Vasquez Denver argues that the defendant previously misused monies and contends that there is a substantial likelihood that his thefts will go on in the absence of a permanent restraining order.
Alta Vista, by itself enrollment, is in serious fiscal trouble with no way to meet its running costs.
How is real estate fraud committed?
Both property owners and sellers may register fake properties. A fraudster will fabricate property title documents in this kind of fraud to claim ownership of the target property. Scammers have reproduced title deeds for abandoned or contested properties in a number of instances and sold them to buyers.
The inquiry against Alta Vista, Arthur Vasquez Denver, and various other officials began shortly after the formal complaint was filed. Several firm leaders have indicated that their employees are not guilty of any misconduct. Arthur Vasquez Denver hired prominent prosecutor Bill Ritter, ex Denver prosecutor who did not respond.
According to the real estate commission, the research discovered that Arthur Vasquez Denver was lacking authorization for marketing title coverage.
According to the order’s assertion, Arthur Vasquez Denver conducted insurance services in Colorado having the advantage of the law’s permission, thus participating in criminal activity.
Based on the order, Arthur Vasquez Denver directly recruited, sold and negotiated the title coverage in Colorado by giving marketing workshops to regional loan agents, property representatives, as well as closure agencies.
Respondent admitted to misappropriating trust fund monies, including payments belonging to Stewart Title Guaranty Co and Lawyers’ Title Guarantee monies Ltd.
Michael Healey, an ex-owner at Alta Vista, stated that Arthur Vasquez Denver is attempting to dispose of the property which he holds to repay the funds that he purportedly wrongfully misappropriated out of the account for escrow.
Healey, a lawyer, is being probed by the insurance coverage commission, yet he claims that the inquiry would show that his client was not involved in Arthur Vasquez Denver’s misuse of cash.
Healey claims he was astonished after Arthur Vasquez Denver informed him that someone stole the money. Healey refused to comment about Arthur Vasquez Denver’s activities.
The investigation of a real estate title company namely Alta Vista, owned by Arthur Vasquez Denver
The inquiry is based mostly on a real-estate group, that involves state law enforcement, claiming that their investigators are examining a real estate title firm following a complaint that a single of its shareholders fraudulently misappropriated approximately $900,000 through the escrow account.
The Colorado Division of Insurance was looking into Arthur Vasquez Denver of Alta Vista Title. later, the two-year-old business shut down.
Stewart Title Guaranty Co. submitted an accusation in Denver District Court alleging that Arthur Vasquez Denver informed them he possessed not properly taken cash and planned to restore that, yet neither was accomplished.
Ex-Denver prosecutor, Bill Ritter a lawyer of Arthur Vasquez Denver, indicated that his client is working with investigators. Ritter stated that the investigation started when Stewart Title approached the company’s insurance division. subsequently refused to elaborate more.
Alta Vista, which advertised itself as being the initial privately held Latino title business in the nation, collaborated through Stewart Title, soliciting insurance applicants and receiving payments.
As per the reports based on the complaint, Stewart Title stated in its court action that the purported thefts started. Through its enrollment, Alta Vista is in serious economic trouble and has no way to cover its daily expenses. according to the complaint.
According to Insurance Commissioner Doug Dean, the inquiry against Vasquez & Alta Vista is unconnected to inquiries into outside the state title businesses reportedly connected to bribery scams.
Heather McCloud, a former Alta Vista worker that quit, said that Alta Vista was a wonderful place to work and Arthur Vasquez Denver proved to be a truly outstanding man.
Ex-title firm executive, Arthur Vasquez Denver advised to leave the industry
Arthur Vasquez Denver, an ex-title organizational director who is unable to compensate for $1.1 million connected to several house revenue, was told to cease all employment in the mortgage insurer industry instantly.
Arthur Vasquez Denver was the founder and CEO of AltaVista Title Co., which went out of business within the past month. With the tagline Together We Flourish, the business was advertised as being the nation’s initial Latino-owned title firm while promoting its Spanish-language title coverage and house-closing operations.
AltaVista has been charged with defrauding the communities it promised to support.
The property’s now-defunct company & ex-owner, Arthur Vasquez Denver, is additionally the subject of inquiries conducted by the Colorado governor’s office & the Colorado Real Estate Board.
Colorado Insurance Director, David Rivera stated that, in Colorado, Arthur Vasquez Denver has a license to sell the property without offering insurance on the title.
Arthur Vasquez Denver asserts that his sole occupation currently is to ensure that every person’s investment is returned.
Laura Martinez, AltaVista’s ex-senior vice chairman & escrow manager for accounts, is additionally being probed.
Martinez might have misused escrow cash, according to AltaVista attorney Eric Accomazzo in the letter addressed to state insurance authorities.
Martinez isn’t eligible to offer title coverage, stating she left AltaVista due she felt uneasy about certain of Arthur Vasquez Denver’s company dealings.
Martinez stated in the declaration the fact that she has received no benefit to herself due to the stolen funds. She currently serves as the executive director of Title Guaranty Agency in Denver, which means she is applying for a title insurance certification.
Stewart Title Guaranty Company, headquartered in Houston, regarded AltaVista as a confined agency with the authority to ask for title insurance companies and receive payments and other payments related to residential settlement deals. Stewart Title filed a lawsuit in Colorado District Court against the company plus Arthur Vasquez Denver.
Stewart Title is responsible for making sure that certain AltaVista clients receive the funds that they’re payable, along with some looking for reimbursement through Arthur Vasquez Denver & AltaVista’s holdings.
Stewart Title’s lawyer, Mike Skalk, claimed that the organization is unwilling to provide any admissions which could interrupt or impede ongoing inquiries. We are completely collaborating with the aforementioned federal investigators.
According to Deputy Insurance Commissioner, Erin Toll, Stewart Title is still unsure if it will go above and beyond what is required by law to ensure every person injured by AltaVista’s financial misconduct receives whatever they are legally entitled.
According to Toll, certain buyers might not receive thousands of dollars in cash through the exchange of their real estate until Stewart comes up onto the platform. She gave the example of a woman that has still to receive $28,000 on the purchase of her property.
Arthur Vasquez Denver is working on methods for leaving clients complete, but he refused to elaborate. Clients that consider they were denied cash at AltaVista are urged to file complaints.
A client service helpline is scheduled to be set up, according to Arthur Vasquez Denver. The 24-hour hotline contact number is 303-455-6500, but he claimed it will not get accusations recently.
Who is Arthur Vasquez Denver?
Arthur Vasquez Denver is a talented knowledgeable property professional. He possesses an extensive list of resources, which includes mortgage specialists, property auditors, & lawyers, among others, who can offer you competent advice throughout the entire procedure.
He also offers real estate-related training so that newcomers to the business can have a successful career. He has worked as a real estate consultant.
Arthur Vasquez Denver is the greatest real-estate advisor. He offers the greatest property training and marketing assistance. He constantly consults on the most suitable assets based on client requirements and affordability.
However, following an investigation, Arthur Vasquez Denver of Alta Vista Title, a 2-year-old firm, shuttered due to Stewart Title Guaranty Company submitted an accusation in Denver District Court alleging that Arthur Vasquez Denver had improperly borrowed funds and planned to restore them, yet ultimately did not accomplish this.
Instead, Arthur Vasquez Denver’s lawyer, Ex-Denver prosecutor Bill Ritter, also stated that Arthur Vasquez Denver is working alongside authorities as well as the investigation started when Stewart Title approached the insurance company’s department.