- Associated Press - Friday, December 2, 2016

SANTA FE, N.M. (AP) - A former luxury-home builder has been found guilty of fraud and embezzlement stemming from money that went missing from his business as the housing market crashed in 2007 and 2008.

A Santa Fe County jury on Thursday found William Kalinowski guilty of all nine fraud and embezzlement charges against him.

Kalinowski had been a sought-after builder of houses in an upscale neighborhood of Santa Fe before his business failed in 2008.

Kalinowski was indicted in 2013 after a lengthy state investigation.

He was accused of having still been soliciting money from investors and banks even as he defaulted on existing loans. A state investigation found that Kalinowski regularly spent money from construction loans to pay for things other than compensating subcontractors.

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