Chesterfield businessman convicted in $750K mortgage scheme

Updated: Dec. 7, 2017 at 10:29 PM EST
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CHESTERFIELD, VA (WWBT) - Chesterfield businessman Timothy Wenk pleaded guilty to two counts of wire fraud in federal court Thursday afternoon.

Wenk is accused of fleecing dozens of people out of more than $750,000 under a fraudulent mortgage scheme. The maximum penalty Wenk faces when he goes back before a federal judge is 20 years in prison and a $250,000 fine, plus full restitution.

The former owner of Premier Consulting Services also operated another business, called Capital Business Services.

The terms of the plea deal are spelled out in a 13-page plea agreement. There's also a special assessment of $100 per count of conviction and up to three years of supervised release.

Wenk is admitting to taking money from a Henrico woman and a Forest Hill woman. Court papers say to carry out the fraudulent scheme, Wenk falsely claimed that he had access to lenders who could provide mortgages to clients with poor credit ratings - he never delivered on his promises.

Until Thursday, Wenk maintained he never ripped off anyone. He told NBC12 investigators several months ago:

In no way, shape or form did I intend to mislead harm or cause any issue with anyone. I never represented myself as a mortgage broker. I never intended that anyone would purchase something and a deal not go through. I've done my best to serve my clients. The clients I wasn't able to serve I've refunded thousands of dollars for deals that fell through. I'm not some con artist that sits and tries to steal people's money like it's being made out to be. I'm a very hard working person.

Wenk always said to NBC12 investigator Diane Walker that he would be vindicated in court when that day comes.

Well, it's here, and the plea agreement and "statement of facts" filed in this case establish his guilt.

Wenk's sentencing hearing is set for March 23. The court will also determine restitution then.

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