The owner of Premier Credit Consultants in Chesterfield County pleaded guilty to two counts of wire fraud Thursday and faces up to 40 years in prison when sentenced March 23.

Timothy Scott Wenk, 50, was indicted on 16 counts of wire fraud in September. He was alleged to have victimized dozens of area people out of more than $750,000. Authorities said Thursday the exact amount is still being determined and is between $550,000 and $1.5 million.

A complaint filed by the FBI in the case said Wenk owned Premier Credit Consultants and Premier Consulting Services in the 11900 block of Hull Street Road, which purportedly arranged financing for clients to buy real estate regardless of their credit score or income and also offered credit repair services.

The plea agreement Thursday means his trial set for Dec. 11 will not take place.

In pleading guilty, Wenk admitted that between 2015 and this year he defrauded clients of money for services he did not deliver and lied to potential clients to get their business.

Among other things he falsely said he had access to various lenders who could provide mortgages; claimed he could obtain funding for clients with poor credit records to buy real estate; and assured clients they could buy a particular piece of property if they paid him a fee.

He also admitted telling clients who had already paid him for services that there were additional new conditions requiring more money.

Wenk admitted that in May 2015 an unidentified client met with Wenk, who identified himself as “Timothy Scott,” in an effort to repair her credit in order to refinance her Glen Allen home. Wenk said he could do both.

Wenk picked up a check for $24,831 from the client, which he said would be held in escrow until the loan closed. He also told her that if she wanted to sell her property he knew of a church and a pharmaceutical company looking for such a property.

At Wenk’s request she made thousands of dollars in payments to him to keep the purported deals on track. In November 2015 he told her that the property could not be sold until she hooked up to the Henrico County water system. She gave him a cashier’s check for $16,800 to have the county run a line to the property.

But after 16 months of making payments to Wenk, her mortgage was not refinanced, no buyer was ever found and her property never connected to the water system.

Wenk also admitted that in 2016, a client paid a total of $6,500 for Wenk to find a private loan to finance a house on Forest Hill Avenue in Richmond that the client was renting and wanted to purchase.

The client ultimately paid $11,636 in cash and checks to Wenk for a loan that never happened and received no refund or honest explanation. He also admitted that the losses in those two cases are only a portion of the total loss suffered by his clients.

He was initially arrested by Chesterfield police on charges of obtaining money by false pretenses. Media coverage prompted the discovery of more victims who contacted law enforcement officials, authorities said.

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