Three New Mexico real estate developers have been indicted in federal court for allegedly having defrauded a New Mexico Credit Union out of millions of dollars.
According to court documents, real estate developers Vincent Garcia, his son David Garcia and Derek Barnhill allegedly defrauded the credit union of more than $700,000 on a reportedly $7 million commercial real estate loan.
Vincent and David Garcia have plead not guilty and are scheduled to go on trial in early May. Barnhill has pleaded guilty to part of the indictment that did not involve the credit union and has been scheduled for sentencing in June.
Money fraudulently taken from the credit union allegedly went to work on David Garcia's personal residence, the indictment alleges.
The property that was the vehicle of the fraud is now for sale for $4.5 million.