Save this content for laterSave this content on your device for later, even while offline Sign in with FacebookSign in with your Facebook account Close

Colorado Springs man pleads guilty in bank fraud case

By: WAYNE HEILMAN wayneh@gazette.com
March 25, 2014 Updated: March 25, 2014 at 5:20 pm
0

A Colorado Springs man who worked at a Pueblo bank pleaded guilty Monday to charges of bank fraud and illegally receiving kickbacks for making loans to a high school friend.

Christopher Tumbaga, who was a loan officer at Colorado East Bank and Trust, made the plea as part of an agreement with federal prosecutors in which he agreed to cooperate in the case. Tumbaga is scheduled to be sentenced Sept. 30; he faces up to 30 years in prison, fines of up to $1 million, supervised release for up to five years and restitution on each of the two counts.

Tumbaga's friend, Brian Headle, is scheduled to be tried Sept. 15 on seven counts of bank fraud and 11 counts of giving the kickbacks to Tumbaga.

Headle allegedly paid Tumbaga $60,000 in kickbacks between March 2009 and July 2011 to approve nearly $1 million in loans. The loans were made in the names of Headle's wife, parents, stepparents and other relatives using forged paperwork and false financial statements and other documentation, according to the plea agreement. The loans all went to Investment One, a business owned by Headle that bought, fixed up and resold property, the agreement said.

The bank is based in Lamar and operates offices in Pueblo and downtown Colorado Springs.

-

Contact Wayne Heilman: 636-0234

Twitter @wayneheilman

Facebook Wayne Heilman

Comments have been disabled for this article Comment Policy
Register to the Colorado Springs Gazette
Register to the Colorado Springs Gazette
Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Already a Subscriber? LOGIN HERE

Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Subscribe to the Colorado Springs Gazette

Some news is free.
Exceptional journalism takes time, effort and your support.

Already a Subscriber? LOGIN HERE

articles remaining
×
Thank you for your interest in local journalism.
Gain unlimited access, 50% fewer ads and a faster browsing experience.