ALBUQUERQUE (KRQE) - The developer who left the downtown Anasazi building an unfinished eyesore faces more than two years in federal prison after his sentencing Friday.
Vincent Garcia siphoned more than $800,000 from bank loans meant for the Anasazi project and a couple others.
Garcia pleaded guilty to bank fraud in 2011.
In addition to the 27-months of prison time, Garcia also has to pay more than $700,000 in restitution to the banks he defrauded.
The $9 million nine-story Anasazi building at the corner of Central Avenue SW and Sixth Street sat abandoned for more than four years. He has 60 days to surrender and begin serving his sentence.
But now there's a new owner who hopes to have the outside completed in a few months and condos inside done by the end of the year.
Garcia's partner in the fraud, project manager Derek Barnhill, previously pleaded guilty to bank fraud and money laundering. He admitted doctoring an earlier bid document for sheetrock and using in to draw down $360,000 from the construction financing.
Garcia then used that money to invest in a casino in Washington.
Garcia's son David Garcia, who acted as the general contractor on his father's projects, also was named in the original federal indictment. However, charges against him were dismissed for lack of evidence that he was aware of what his father and Barnhill were doing.
Barnhill faces up to 20 years in prison when he is sentenced at a date yet to be set.
The case was prosecuted by the U.S. Attorney's Office in Albuquerque and investigated by the Internal Revenue Service, FBI and Federal Deposit Insurance Corporation. The FDIC became involved after it took over the failed bank that had been financing the Anasazi project.
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