RICHMOND, Va. -- A Chesterfield man is now facing federal fraud charges in connection with a mortgage fraud scheme that allegedly swindled victims out of more than $750,000.
Timothy Scott Wenk, 50, the former owner of Premier Consulting, was arrested Thursday morning and charged with one count of federal wire fraud.
Wenk was previously facing five counts of obtaining money under false pretenses in Chesterfield County. The charges were nolle prossed, meaning they are dismissed, but can be brought back at a later date.
According to federal court records, Wenk operated several businesses, including Premier Consulting Services, Capital Business Services and Premier Credit Consultants in Central Virginia.
The services claimed to offer a variety of financial services, including mortgage finance and credit repair services.
“The criminal complaint specifically alleges that Wenk defrauded a victim identified as “V.S.” of $5,496 related to a home the victim was to rent from Wenk but which the defendant never made available for rent,” according to the federal complaint. “The affidavit further alleges that approximately 70 customers of his businesses have experienced losses of more than $750,000.”
In March 2017, Wenk was arrested by Chesterfield police who said he took more than $100,000 from five victims and believed there may more victims.
At the time of the initial charges, Wenk denied any wrongdoing saying "I am adamant there is no basis for these charges."
Investigators said Wenk also goes by the names Timothy Scott and Timothy Wink.
Wenk faces a maximum penalty of 20 years in prison if convicted.