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.
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.