Real Estate Developer Indicted for Multimillion Dollar Loan Fraud

Real Estate Developer Indicted for Multimillion Dollar Loan Fraud

CONCORD - A Bow resident and real estate developer was indicted for fraudulently obtaining a $3.8 million loan, U.S. Attorney Erin Creegan announces.

Charles Sargent, 37, was charged with Bank Fraud. According to the indictment, Sargent was a real estate developer who sought to purchase the Chase Block Building located at 1037-1045 Elm Street in Manchester. The true owner of the Chase Block Building sold the property for $2.7 million to a person acting at Sargent's direction. Sargent then took possession of the Chase Block Building. However, to get a $3.8 million loan, Sargent claimed he purchased the Chase Block Building for $4.7 million and sent the lender fabricated bank statements, leases, and checks.

The charging statute provides a sentence of up to 30 years in prison, up to five years of supervised release, and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

The Federal Deposit Insurance Corporation's Office of the Inspector General and FBI led the investigation. Assistant U.S. Attorney Alexander S. Chen is prosecuting the case.

The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.