Investors behind Idaho Springs gondola say they're victims of fraud, sue loan broker & escrow agent
The investment group planning a gondola-anchored resort village at Idaho Springs’ long dormant Argo Mill is suing a loan broker and escrow company, arguing they are victims of a comprehensive fraud scheme.
The 55-investor Mighty Argo Cable Car Group in August 2020 deposited $4.5 million into an escrow account with Virginia-based First Title Inc. That was the equity deposit on a $32.37 million construction loan brokered by Dallas-based Trivecta Capital Group and its owner, Jay Matthiesen.
The construction loan never followed the deposit. And the Mighty Argo group has been unable to get its $4.5 million back from First Title, which is owned by a woman named Sandra Bacon. The lawsuit alleges Bacon has transferred the $4.5 million into another account and will not return the money.
“These defendants’ conduct was fraudulent, malicious, willful and wanton,” reads the complaint against Bacon, First Title, Trivecta and Matthiessen filed last week in U.S. District Court in Denver.
Read more: https://coloradosun.com/2021/05/06/idaho-springs-colorado-argo-gondola-lawsuit-fraud/