Originally Syndicated on June 5, 2024 @ 2:58 pm
Arthur Vasquez Denver is the originator of the Denver-based Alta-Vista Title Company. The business bills itself as the first Latino title organization in the nation. On the other hand, Denver-based Alta Vista Title Co. has been forced to close by the Colorado Real Estate Commission.
The Colorado Real Estate Commission issued a stop and compliance letter to Alta Vista Title’s founder, Arthur Vasquez Denver, after he asserted that the company was the largest Latino corporation in the country.
The company claimed to have completed transactions worth a combined $3 billion. Most of the business chances went to Hispanics who also happened to be successful property investors.
The colorful Arthur Vasquez was establishing himself as the go-to person for buyers looking to buy distressed or repossessed real estate, fix their ears, and then resale them for a profit.
But Arthur Vasquez abruptly closed his business in April after receiving a lawsuit from Stewart Title. Stewart, which Alta Vista is a representative of.
The case was filed by the Denver District Court against Arthur Vasquez and Alta Vista North Denver LLC.
Arthur Vasquez Denver acknowledged that he had a plan to recover money, but that plan never materialized, and that he had improperly taken out about $900,000 from account escrows.
According to a Globest.com report, the case filed by the defendant, Arthur Vasquez Denver, asserts that the defendant has a history of misusing funds and that there is a significant probability that his crimes will continue in the absence of a permanent restraining order.
By alone, enrollment at Alta Vista is deeply in debt and unable to cover its operating expenses.
The formal complaint was lodged, and soon after, investigations were launched against Alta Vista, Arthur Vasquez Denver, and other officials. Numerous company executives have stated that none of their staff members have engaged in any wrongdoing. Prominent prosecutor Bill Ritter, a former Denver prosecutor, was recruited by Arthur Vasquez Denver; he did not reply.
The investigation found that Arthur Vasquez Denver lacked license to promote title coverage, according to the Real Estate Commission.
The order claims that Arthur Vasquez Denver engaged in illegal activity by providing insurance services in Colorado while benefiting from legal authorization.
Following the order, Arthur Vasquez Denver conducted marketing workshops for local loan agents, property representatives, and closure agencies to directly recruit, sell, and negotiate title coverage in Colorado.
The respondent acknowledged stealing money from trust funds, including payments made to Lawyers’ Title Guarantee Monies Ltd. and Stewart Title Guaranty Co.
According to Michael Healey, an ex-owner of Alta Vista, Arthur Vasquez Denver is trying to sell the property he owns in order to pay back the money he allegedly stole illegally from the escrow account.
The insurance coverage panel is looking into Healey, a lawyer, but he says the investigation will prove that his client had nothing to do with Arthur Vasquez Denver’s financial mismanagement.
When Arthur Vasquez Denver told Healey that someone had stolen the money, he says he was shocked. Regarding the actions of Arthur Vasquez Denver, Healy declined to comment.
The investigation of Arthur Vasquez Denver’s Alta Vista real estate title company
The investigation primarily centers on a real estate group that includes state law enforcement, asserting that their detectives are looking into a real estate title company in response to a complaint alleging that one of its shareholders embezzled almost $900,000 through the escrow account.
After Arthur Vasquez Denver of Alta Vista Title was the subject of an investigation by the Colorado Division of Insurance, the two-year-old company closed.
Stewart Title Guaranty Co. filed a complaint in Denver District Court, claiming Arthur Vasquez Denver told them he had improperly obtained cash and that he intended to return it, but none of those things were done.
Bill Ritter, an attorney for Arthur Vasquez Denver and a former prosecutor in Denver, disclosed that his client is collaborating with detectives. Ritter said that Stewart Title contacted the business’s insurance division, which sparked the investigation. declined to go into further detail after that.
Through Stewart Title, Alta Vista, which billed itself as the first privately operated Latino title company in the country, worked together, requesting insurance applications and collecting payments.
Stewart Title claimed in its legal action that the alleged thefts began, according to sources based on the complaint. Alta Vista is deeply in debt as a result of its enrollment and is unable to pay for its ongoing costs. based on the complaint.
Insurance Commissioner Doug Dean claims that there is no connection between the investigation against Vasquez & Alta Vista and the investigations into title companies outside the state that are purportedly involved in bribery schemes.
Former employee Heather McCloud, who left Alta Vista, claimed that Arthur Vasquez Denver was an amazing man and that Alta Vista was a great place to work.
Arthur Vasquez Denver, a former executive of a title firm, was recommended to leave the field
Arthur Vasquez Denver, a former director of an organization with title insurance, was instructed to immediately quit from any jobs in the mortgage insurer sector due to his inability to pay $1.1 million related to multiple housing revenue streams.
The CEO and creator of AltaVista Title Co., which shut down earlier this month, was Arthur Vasquez Denver. Promoting its Spanish-language title coverage and house-closing services, the company was billed as the first Latino-owned title firm in the country, along with the tagline Together We Flourish.
AltaVista is accused of scamming the communities it claimed to help.
The Colorado Real Estate Board and the governor’s office are also looking into the property’s former owner, Arthur Vasquez Denver, as well as the now-defunct corporation.
According to David Rivera, the director of Colorado Insurance, Arthur Vasquez Denver is authorized to sell real estate in Colorado without providing title insurance.
According to Arthur Vasquez Denver, his only job at the moment is making sure that everyone gets their money back.
Investigations are also being conducted against Laura Martinez, the former senior vice chairman and account escrow manager of AltaVista.
In the letter to state insurance officials, AltaVista attorney Eric Accomazzo speculates that Martinez may have misappropriated escrow funds.
Martinez claims she left AltaVista because she was uncomfortable with some of Arthur Vasquez Denver’s business operations, which makes her unable to furnish title coverage.
Martinez declared in the declaration that the money that was taken from her had not benefited her personally. She is requesting a title insurance certification because she is the executive director of Denver’s Title Guaranty Agency at the moment.
The Houston-based Stewart Title Guaranty Company considered AltaVista to be a limited agency with the power to request title insurance firms and collect payments along with other payments associated with residential settlement agreements. Stewart Title sued the business and Arthur Vasquez Denver in Colorado District Court.
Stewart Title is in charge of ensuring that some AltaVista clients receive the money owed to them and that others pursue compensation via the holdings of Arthur Vasquez Denver & AltaVista.
According to Stewart Title’s attorney, Mike Skalk, the company is unwilling to make any disclosures that would obstruct or disrupt ongoing investigations. We are working hand in hand with the federal investigators mentioned before.
Erin Toll, Deputy Insurance Commissioner, claims Stewart Title is still undecided if it will go above and beyond the call of duty to guarantee that each and every individual harmed by AltaVista’s financial misbehavior gets the compensation to which they are lawfully entitled.
Toll claims that until Stewart is on the platform, some buyers may not get paid thousands of dollars in cash for the sale of their real estate. She used a woman who still hasn’t received her $28,000 property purchase as an example.
Arthur Vasquez Denver declined to provide further details, saying he was working on ways to leave clients satisfied. Customers are encouraged to write complaints if they believe they were refused cash at AltaVista.
Arthur Vasquez Denver said there are plans to put up a client care line. The number for the 24-hour hotline is 303-455-6500, but he stated that there haven’t been any current charges made against it.
Arthur Vasquez Denver is who?
Arthur Vasquez Denver is an accomplished and well-informed real estate specialist. He has a long number of contacts, including attorneys, property auditors, and mortgage specialists, who can provide you with knowledgeable guidance at every stage of the process.
In order to help newcomers to the industry have a successful career, he also provides training relating to real estate. He has experience as a real estate advisor.
The Bottom Line
Arthur Vasquez The best real estate advisor is in Denver. He provides the best marketing support and property training. He regularly offers advice on the best assets to use depending on the needs of the customer and their budget.
But after an investigation, Stewart Title Guaranty Company filed a complaint in Denver District Court against Arthur Vasquez Denver of Alta Vista Title, a two-year-old company that had closed, claiming that Denver had improperly borrowed funds and intended to repay them, but had failed to do so.
Rather, the attorney for Arthur Vasquez Denver, former Denver prosecutor Bill Ritter, added that Stewart Title initiated the inquiry and that Arthur Vasquez Denver is cooperating with the authorities.
