Oregon men charged in $18 million real estate fraud scheme
PORTLAND, Ore. (KOIN) — Two Oregon businessmen have been accused of cheating real estate investors and commercial lenders out of more than $18 million.
On Tuesday, 54-year-old Sherwood resident Robert Christensen and 55-year-old Damascus resident Anthony Matic were indicted with 21 federal charges including conspiracy to commit wire fraud, wire fraud and money laundering.
The U.S. Attorney’s Office for the District of Oregon reported that the suspects convinced investors to finance the sale and renovation of multiple undervalued residential properties from January 2019 to 2023.
According to officials, the men told investors they would generate a profit by renting out the properties and refinancing them “to extract their increased value from the renovations.”
The Attorney’s Office alleged Christensen and Matic claimed investors would be fully repaid with interest between 8% and 15%, and a generous lump sum payout, within 30 to 90 days.
The suspects then used new investments to repay their original investors when the business failed to generate income, authorities said.
USAO accused the colleagues of launching a separate scheme in December 2020, when they would submit fraudulent financial information to commercial lenders who would loan them millions of dollars.
Federal officials suspect that Christensen and Matic defrauded investors out of about $11 million, and commercial lenders out of around $7 million.
The suspects pleaded not guilty this week and were released on conditions pending a 7-day jury trial, which is set to begin in late October.
Conspiracy to commit wire fraud and wire fraud both impose a maximum sentence of 20 years in federal prison and three years of supervised release. For money laundering, Christensen and Matic could receive up to 10 years in prison and three years of supervised release.
“All three charges may also result in fines of up to $250,000 or twice the gross gains or losses resulting from the offense,” the Attorney’s Office said.
The men were previously charged with violating the Securities Exchange Act of 1934.
In June 2023, the U.S. Securities and Exchange Commission reported Christensen and Matic misled investors through a “Ponzi-like scheme” conducted through their businesses Foresee Inc., The Commission PDX LLC, The Policy PDX LLC, and Innings 150 LLC.