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Real estate developer nets three years in prison for false statements

By investor90   2013 Feb 4, 2:24pm   ↑ like   ↓ dislike   648 views   1 comment   watch (1)   share   quote  

ANCHORAGE—U.S. Attorney Karen L. Loeffler announced today that an Anchorage man was sentenced in federal court in Anchorage for 12 counts of false statements to a credit union.

Lee E. Baker, Jr., 57, from Anchorage, Alaska, was sentenced today by Chief U.S. District Court Judge Ralph R. Beistline, to 36 months in prison.

According to Assistant U.S. Attorney Retta Randall, who prosecuted the case, Baker made false statements to Denali Alaskan Federal Credit Union (DAFCU) while drawing down the proceeds of a $9.2 million construction loan obtained for a proposed 85 unit apartment project, “Bryn Mawr,” located on Northern Lights Boulevard in Anchorage. Baker, as president of Discovery Construction Inc., submitted 12 draw requests certifying each time that certain work had been completed on the Bryn Mawr project, when actually, very little work had been done and the total amount Baker verified as completed was false. The Bryn Mawr project was never completed.

As a result of his false statements, approximately $4.3 million was disbursed to Baker by DAFCU before he defaulted on the loan.

#housing

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1   investor90   2013 Feb 4, 2:25pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Ho hum....another one bites the dust.

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