Denver District Attorney Beth McCann announced Sept. 18 disbarred Colorado attorney Steven Bachar, founder of Denver-based Empowerment Capital LLC, pleaded guilty to one count of felony theft.
According to a press release from the district attorney’s office, in October 2017 an investor wired $75,000 to Empowerment Law, a subsidiary of Empowerment Capital, after Bachar offered him a 10% interest in Empowerment’s profits, the press release explained. Two months later, after Bachar offered him another 6% or 10% interest in Empowerment Capital’s profits, the investor wired $50,000 to Empowerment Acquisition, another subsidiary of Empowerment Capital, the announcement continued.
Bachar never invested or repaid the money, but instead spent most of the investor’s $125,000 for personal use, according to the press release.
“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 a press release. “I want to thank the prosecutors and investigators in my office whose hard work over several years has resulted in the successful resolution of the case.”
Bachar will be sentenced Nov. 6 and he faces either probation or between two and six years in prison, according to the announcement, as Bachar has also agreed to pay $182,000 in restitution.