Brett Michael Detamore, 39, a custom home builder operating under Detamore Development LLC, has pleaded guilty to one count of wire fraud for misappropriating at least $1.5 million in construction loan funds for personal use, announced U.S. Attorney Alamdar S. Hamdani.
Detamore of Houston admitted to submitting false invoices to banks holding construction loans for homes he was contracted to build. These fraudulent invoices tricked the banks into sending funds to Detamore’s personal accounts, which he then used for his own benefit.
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As part of his plea agreement, Detamore has agreed to forfeit the $1.5 million he illegally obtained. He faces up to 20 years in federal prison and a potential fine of $250,000 when sentenced on November 5th by U.S. District Judge George C. Hanks. He will also be required to pay full restitution to the victimized homeowners.
The FBI, with assistance from the West University Police Department, conducted the investigation. Assistant U.S. Attorneys Karen Lansden and Suzanne Elmilady are prosecuting the case.
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