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DENVER — A Denver attorney pleaded guilty to stealing $125,000 from an investor, Denver District Attorney Beth McCann said in a news release Monday.
Steven Bachar, a licensed attorney and the founder of Denver-based Empowerment Capital, admitted to one count of felony theft, according to McCann.
“Steven Bachar violated the trust of an investor – who was also a close friend of his – and, for that, he is being held accountable, as he should be,” McCann said.
In October of 2017, an investor wired $75,000 to a subsidiary of Empowerment Capital after Bachar offered him 10% interest in Empowerment’s profits.
Two months later, Bachar offered the investor another 6-10% interest in Empowerment Capital’s profits when the investor wired $50,000 to another subsidiary of Empowerment Capital.
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Bachar never invested the money from either payment like he promised or repaid the money to the investor. McCann said Bachar spent most of the investor’s $125,000 for personal use.
Bachar will be sentenced on November 6, according to McCann. He faces between 2-6 years in prison or probation. Bachar also agreed to pay $182,000 in restitution.
Denver 7+ Colorado News Latest Headlines | September 19, 8am
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