Boise real estate agent to go on trial for allegedly deceiving investors in $82m Ponzi scheme

Bradley R. Heinrichs, Boise realtor (Anthology Real Estate, iStock, Illustration by Kevin Cifuentes for The Real Deal)

An Idaho realtor is accused of running an $82 million Ponzi scheme that preyed on devout Christian families, promising Arizona property returns of up to 25%.

A trial date will be set for April 14 for Bradley R. Heinrichs, 41, after pleading not guilty to four counts of fraudulent schemes and artifices, unlawful control of a business, theft and conspiracy , reported the Idaho Statesman. He was indicted a year ago.

Heinrichs, who works at Anthology, a Boise real estate company, was accused along with his business partner Stephen Hatch of creating more than 30 business entities while managing 17 sets of books to buy 13 properties between January 2005 and December 2014, according to the newspaper. Prosecutors said they were running a racketeering business involving the sale of real estate and promised double-digit returns to more than 110 investors.

Hatch, 72, pleaded guilty in 2017 to one count of fraud and was sentenced to five years in prison. He was ordered to pay $1 million in restitution and was released in September. Prosecutors agreed not to charge her children, who received lavish salaries and were also believed to have been involved in the scam.

The indictment accused Heinrich of overexploiting properties without informing investors, using investors’ funds to repay other investors’ loans, transferring investors’ money without permission, mislead investors about the value of their investments and for using religious affinity to obtain loans and distract or distract the investor. worry.

Heinriches faces up to 69 years behind bars. His attorney, Phoenix attorney Anne Chapman, said he denies any wrongdoing.

“Out of respect for the legal process, we will not comment on the allegations against Mr. Heinrichs except to say that he denies them,” Chapman said in an email to the Idaho Statesman.

Heinrichs is listed as a “real estate professional” at Anthology, which invites customers with the tagline “Every person has a story, every story has a place – let’s write your story together.” A voicemail left with the company on Friday went unanswered.

Some of his victims set up a Hatch/Heinrichs Victim Recovery Fund to recoup their losses and hold the alleged crooks accountable.

The group said Heinrichs lied to investors, saying Hatch was worth $15 million to $20 million and didn’t need the money. They said Heinrich told them his partner had been in the real estate business for many years and had come out of retirement to help other people, primarily his children, learn the ropes.

In a court filing, the group alleged that Heinrichs told investors “that his company wanted to give opportunities for ‘Christian families’ to invest, how God was using their company to support missions, and that they wanted to pass on the blessing to “little guys who normally wouldn’t get such an opportunity.

A Boise dermatologist, Dr. Richard Blickenstaff, originally invested $227,800 in Heinrichs, according to a letter to a judge in the Arizona attorney general’s office. He shelled out another $100,000 in June 2014.

“Through this relationship, Heinrichs sought investment,” the AG’s letter said. “He told Blickenstaff that Hatch was a Christian, a man of impeccable character, had a long history of successful real estate ventures and had delivered promised returns to investors in all of his previous projects.”

Five months after Blickenstaff provided Heinrichs with the $100,000, the letter stated that Heinrichs had told Blickenstaff that Hatch had misappropriated money from the investments.

When Blickenstaff asked him how he could have taken the money knowing there were red flags about fraud, he replied, “It’s something I struggle with,” according to the letter.

[Idaho Statesman] – Dana Barthelemy