Former homebuilder sentenced to prison in embezzlement case [View all]
SANTA FE, N.M. (AP) — A former Santa Fe-area luxury homebuilder convicted of multiple counts of fraud and embezzlement faces about 4 ½ years in prison.
A state District Court judge sentenced 71-year-old William [auth] Kalinowski Friday to 18 years in prison but suspended 10 years and Kalinowski’s time behind bars also will be reduced by credit for pretrial time served on house arrest and electronic monitoring.
Kalinowski went broke in 2008, leaving unfinished homes, defaulted loans and unpaid subcontractors and investors.
He long contended his business’ failure was due to the housing market’s collapse, but he admitted in court Friday that he was responsible and said he was sorry.
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