2014 Pulitzer Prize Winner

Colorado Springs investor changing plea in kickback case

Published: June 10, 2014, 5:05 pm, by Wayne Heilman

Brian Headle, a Colorado Springs real estate investor indicted on seven counts of bank fraud and 11 counts of giving kickbacks to a bank officer in exchange for loans, is changing his not guilty plea as part of an agreement with federal prosecutors, according to a filing made Friday with U.S. District Court in Denver.

Headle was indicted in October for alleged paying $60,000 in kickbacks between March 2009 and July 2011 to Christopher Tumbaga, a former loan officer at Colorado East Bank and Trust, 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 Tumbaga’s plea agreement reached in March. The loans went to Investment One, a business owned by Headle that bought, fixed up and resold property.

Headle and Tumbaga were high school friends. The bank is based in Lamar and operates offices in Pueblo and downtown Colorado Springs.

A hearing on the request to change his plea is scheduled for 11 a.m. Aug. 6 in Denver. Headle’s bond was revoked June 4; but the reasons for the revocation were not listed in the court’s docket.