Culver City Observer -

 
 

Synergy 2002 REI President Pleads Guilty

 

September 12, 2013



Dale Johnson, 46 of Los Angeles who was president and CEO of Synergy 2002 REI Inc. has pleaded guilty to one count of wire fraud and one count of money laundering in connection with the purchase of multiple homes in Colorado.

Synergy 2002 REI Inc. was based in Culver City.

Federal authorities said the losses totaled $4.7 million.

Wire fraud carries a maximum penalty of 20 years in federal prison and a fine of $250,000. Money laundering carries a maximum penalty of 10 years in federal prison and a $250,000 fine.

According to the plea agreement, Synergy started out as an investment club in 1999 and by 2005 was looking to invest and purchase fast-food establishments in metro Denver.

According to federal investigators, in numerous loan applications the Synergy members and others provided lenders with false information about their income, assets, debts, employment history and/or intent to occupy the home as a primary residence.

From March 15, 2006, through Oct. 13, 2006, Johnson and his wife, Vicky Johnson, purchased about 33 homes as part of the scheme.

 

Reader Comments

(0)