COR Development Group: Lawyer Artemio Rivera Convicted in $2 Million 'Billions in Funding' Advance-Fee Scheme

Case from 2014–2020 (U.S. Attorney's Office release: Dec. 4, 2014; later developments are from court records and other sources cited below). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Two principals of the Commercial or Residential Development Group Inc. (COR), a defunct company with a Hoffman Estates mailing address that claimed to have billions of dollars to finance small businesses, were indicted on Dec. 3, 2014, on charges of collecting about $2 million in advance fees from about 125 business owners nationwide, the U.S. Attorney's Office for the Northern District of Illinois announced [1].

Later outcome: The co-defendants' cases were severed in 2016, and court records show a jury trial in March 2017 and a judgment entered on Aug. 31, 2017 [2]. Artemio Rivera, a Maryland lawyer who was COR's treasurer and chief corporate counsel, was "convicted by a jury on four counts of wire fraud," Maryland's Attorney Grievance Commission reported. Maryland's high court disbarred him by consent on Oct. 30, 2020 [3] [4]. We did not find his sentence in public sources. We also did not find the outcome of the charges against co-defendant Alberto B. Colón, which remain allegations.

How the scheme allegedly worked

According to the indictment, as summarized by prosecutors [1], from September 2008 to December 2011:

1. The promise: COR claimed billions of dollars in assets, promised funding within set time frames, and promised refunds of advance fees if funding fell through. Prosecutors said it had no such assets and no history of funding businesses.
2. "Approvals": COR told applicants their requests had been approved for $100 million to $1.2 billion when no funding had been secured. It also recruited applicants through people it called "rangers."
3. The fee: Applicants who signed "Project Partner Agreements" paid $20,000, supposedly to set up a corporation, trust and foundation to receive the money, with COR promising to add $80,000 of its own.
4. Where the money went: The fees allegedly went to personal uses, including more than $1.1 million in "loans" to the defendants and others. The defendants also allegedly made false statements in proceedings before the Illinois Department of Securities.

The people charged

Each was indicted on four counts of wire fraud and one count of mail fraud; the indictment sought forfeiture of about $2 million [1].

• Artemio Rivera, 56, Falls Church, Va. — COR treasurer and chief corporate counsel; licensed in Maryland. Convicted by a jury of four counts of wire fraud, according to Maryland attorney discipline records [3]; disbarred Oct. 30, 2020.
• Alberto B. Colón, 46, West Dundee, formerly of Elgin — COR chairman and CEO. Charged; we found no public record of how his case ended. He is presumed innocent unless proven guilty.

Red flags

• Upfront fees for a business loan or "funding commitment," especially to a lender no bank has heard of.
• Approvals for huge sums ($100 million and up) with no real underwriting.
• Fees to set up trusts, foundations or special entities before money can be released.

What to do if you're targeted

1. Check whether a lender is registered with your state's financial regulator, and search the company with the state attorney general and the Illinois Secretary of State's Securities Department.
2. Don't pay advance fees for a promised loan; the FTC warns that legitimate lenders rarely demand them.
3. Report advance-fee schemes to the FTC at ReportFraud.ftc.gov and the FBI at ic3.gov.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Artemio Rivera, Falls Church, Va.	N.D. Ill. (Judge Tharp), 14 CR 701	Convicted by a jury on four counts of wire fraud (trial March 2017; judgment Aug. 31, 2017); sentence not found; disbarred in Maryland Oct. 30, 2020	[2], [3], [4]
Alberto B. Colón, West Dundee, Ill.	N.D. Ill. (Judge Tharp), 14 CR 701	Charged Dec. 2014; case severed 2016; no later outcome found in public sources as of Oct. 16, 2026	[1], [2]

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Two Men, Including Maryland Attorney, Indicted For Allegedly Defrauding 125 Business Owners Of $2 Million In 'Advance Fees'," Dec. 4, 2014. https://www.justice.gov/usao-ndil/pr/two-men-including-maryland-attorney-indicted-allegedly-defrauding-125-business-owners-2
2. CourtListener (RECAP), docket for United States v. Colon, No. 1:14-cr-00701 (N.D. Ill.). https://www.courtlistener.com/docket/5621932/united-states-v-colon/
3. Maryland Attorney Grievance Commission, "Sanctions and Actions Affecting Licensure (FY 2021)." https://www.mdcourts.gov/sites/default/files/import/attygrievance/pdfs/sanctionsfy21.pdf
4. Court of Appeals of Maryland, Attorney Grievance Commission v. Artemio Rivera, Misc. Docket AG No. 7, Sept. Term 2017, order of disbarment by consent, Oct. 30, 2020. https://www.mdcourts.gov/data/opinions/coa/2020/7a17ago.pdf

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