Commercial Real Estate Developer in Missouri Pleads Guilty to Fraud Charges – NMP Skip to main content

Commercial Real Estate Developer in Missouri Pleads Guilty to Fraud Charges

NationalMortgageProfessional.com
Mar 22, 2011

The United States Attorney’s Office has announced that James Summers pled guilty to multiple fraud charges involving his Cool Springs development in St. Charles County. According to court documents, Summers owned and operated Quality Building Systems and D&M Properties. Summers used these businesses to develop commercial real estate projects, including construction projects in St. Charles County, Mo. In December 2007 and June 2008, Summers obtained financing from 1st Advantage Bank to purchase three lots in St. Charles County and to construct a commercial building on one of the lots. The property was known as the Cool Springs project. The loans were for approximately $450,000 and $745,000, respectively. The portion of the funds allocated for construction remained with 1st Advantage Bank. The construction funds were only to be disbursed for work completed. In 2008, Summers submitted a series of false and fraudulent invoices and vouchers in order for 1st Advantage to release construction funds, which he then deposited and used for other purposes. In reality, no construction work was ever done and the lot remains substantially undeveloped. As part of his plea agreement, Summers acknowledged that the scheme resulted in an actual loss of greater than $400,000. Summers pled guilty to three felony counts of bank fraud before United States District Judge Audrey G. Fleissig. Sentencing has been set for June 16, 2011. Each count of bank fraud carries a maximum penalty of 30 years in prison and/or fines up to $1 million. In determining the actual sentences, a judge is required to consider the United States Sentencing Guidelines, which provide recommended sentencing ranges.
Published
Mar 22, 2011
Ginnie Mae Exits The Stone Age And Embraces Blockchain

'Some of the procurement stuff that we do, maybe it’s archaic, maybe it needs to be innovated.'

Industry News
Jan 26, 2022
Katten Partner To Head Women In Securitization

Katten announced that Claudine Chen-Young, a partner in its Structured Finance and Securitization practice in Washington, is the newly named chair of Women in Securitization.

Industry News
Jan 26, 2022
AFR Adds Director Of Marketing

American Financial Resources, Inc. named Lauren Blackburn as its director of marketing, where she will be tasked with driving the company's marketing strategy.

Community
Jan 26, 2022
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Hunt Mortgage Appoints Chief Operating Officer

Bindiya Jain previously has served as a vice president at South Shore Bank and at UniBank for Saving. 

Industry News
Jan 25, 2022
Guild Mortgage Names VP Of Marketplace Diversity Strategy

Guild Mortgage named Victoria Garcia DeLuca as the company's vice president of marketplace diversity strategy, which is aimed at increasing homeownership among minorities and underserved markets.

Industry News
Jan 25, 2022