Many of the company's clients were from the Hispanic community, as well as investors in income-producing real estate. The charismatic Vasquez was carving out a name of himself as the "go to" guy for investors buying foreclosed or distressed properties, fixing them up and selling them for a profit.

But Vasquez abruptly shut his office after being sued by Stewart Titlein April. Alta Vista acted on behalf of Stewart Title. The complaint, filed in Denver District Court against Alta Vista North Denver LLC and Vasquez,says that Vasquez admitted that he has "improperly withdrawn" about $900,000 from escrow accounts and had a plan to repay them but never did.

"Vasquez has already misappropriated funds, and there is a stronglikelihood that the misappropriations will continue without a permanent injunction because they have been ongoing since June 2004," according to the complaint. "By its own admission, Alta Vista is in severe financial distress and unable to pay its operating expenses."

Soon after the complaint, the Colorado Real Estate Commission launched its own investigation of Alta Vista, Vasquez and other executives. Other executives at the company say that they are innocent of any wrongdoing. Vasquez, who has hired high-profile attorney Bill Ritter, the former district attorney for Denver, declined to comment.

The real estate commission says its investigation has revealed that Vasquez did not have a license to sell title insurance. "Respondent (Vasquez) has engaged in the transacting of the business of insurance in Colorado without the benefit of legal authority to do so, thereby engaging in fraudulent conduct," according to the order.

The order goes on to say that Vasquez "solicited, sold and negotiatedtitle insurance in Colorado by personally conducting sales seminars with local mortgage brokers, real estate agents and closing agents…By his own admission, Respondent misappropriated escrow account funds, which included premiums owned to Stewart Title Guaranty Co and Attorneys' Title Guaranty Funds Inc."

A former part-owner at Alta Vista, Michael Healey, says that Vasquezis trying to sell real estate that he owns to pay back the money heallegedly improperly took from the escrow accounts. Healey, an attorney, is being investigated by the insurance commission, but he says the investigation will reveal that he did not participate in the Vasquez's alleged misappropriation of funds. Healey says he was "shocked" when Vasquez told him he had misappropriated funds. Healey declined to give any details or speculate on Vasquez's actions.