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Ex Silverado chief admits misusing investors money
Michael R. Wise, former Silverado Banking head and Cornerstone Capital owner in Aspen, acknowledged misappropriating about 6 million dollars from investors and lenders. In a handwritten statement to The Denver Post he said funds were used for business and personal obligations and unauthorized investments. He pledged cooperation with authorities and said he will work to repay the money. The report mentions Cornerstone Capital mortgage loans up to 19 percent and Wise’s past association with the thrift’s collapse in 1988.
MENTIONED IN THIS ARTICLE
Denver
Silverado Banking Savings and Loan
Denver Post
Michael R. Wise
Aspen
Wise
Cornerstone Capital of
Post
Cornerstone Capital
Cornerstone
Pitkin County
Aspen Police