DES MOINES, IA—Randal L. Walters, age
55, of Polk County, Iowa, appeared in federal court in Des Moines on Thursday,
September 20, 2012, and pled guilty to one count of bank fraud in connection
with a loan to develop a Des Moines area condominium project, announced
Nicholas A. Klinefeldt, United States Attorney for the Southern District of
Iowa.
During the plea proceeding, Walters
admitted to diverting funds borrowed from First Bank of West Des Moines, Iowa,
for a Des Moines-area condominium project know as the Meadow Cove project.
Walters also admitted that he made or caused to be made material
misrepresentations to First Bank and/or the material omission of information to
First Bank regarding the intended use of certain funds being advanced on the
Meadow Cove project, the status of development of the Meadow Cove project, and
the extent to which Meadow Cove had received lien waivers from various
subcontractors on the Meadow Cove project.
Sentencing before United States District
Court Chief Judge James E. Gritzner is scheduled in Des Moines on January 3,
2013, at 9:00 a.m.. Walters remains free on conditions of release pending
sentencing. The conviction carries a possible maximum sentence of 30 years’
imprisonment, a $1,000,000 fine, $100 in special assessments, and five years of
supervised release.
This case was investigated by the United
States Federal Bureau of Investigation and was prosecuted by the United States
Attorney’s Office for the Southern District of Iowa.
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