A former Marion investment broker has admitted to taking investors money with the promise he would build sandwich shops. Forty-nine-year-old Randy Beltramea was convicted in a plea agreement where he admitted to aggravated identity theft, tax evasion and two counts each of: wire fraud, making false statements to financial institutions and money laundering.
Beltramea admitted to a scheme where he’d tell people he would use their money to invest in Subway shops when he was really using the money for his own real estate investments. He admitted to creating false documents and forging a signature to cover his tracks and move money around to hide it from the IRS.
His sentencing is pending where he’ll face a minimum of two years and a maximum of 137 years in prison. He also face a maximum fine of $3.75-million.