Thursday, January 06, 2011
West Virginia Real Estate Developer Pleads Guilty
WEST VIRGINIA....
West Virginia real estate developer Donald R. Carter II, 38, of Poca has pleaded guilty to a two-count information charging him with bank fraud and tax evasion. A joint investigation conducted by the Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigation Division revealed that, in November 2005, Carter purchased 23 undeveloped lots in the Lamplighter Valley subdivision in Lewisburg. He sought financing from United Bank to build several residential homes, but could not obtain multiple construction loans in his own name. With the aid of a corrupt loan officer, he enlisted friends and family to act as “straw buyers” and sign construction loan applications in their own name. Several of the applications contained false statements, including income, assets or net worth. In exchange for allowing Carter to “borrow their credit,” Carter paid the straw buyers $15,000 per loan, which were not disclosed on loan documents. Carter admitted to evading taxes for the year 2006. Former United Bank loan officer, Roy Leon Cooper, is scheduled for a plea hearing on January 13th.
West Virginia real estate developer Donald R. Carter II, 38, of Poca has pleaded guilty to a two-count information charging him with bank fraud and tax evasion. A joint investigation conducted by the Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigation Division revealed that, in November 2005, Carter purchased 23 undeveloped lots in the Lamplighter Valley subdivision in Lewisburg. He sought financing from United Bank to build several residential homes, but could not obtain multiple construction loans in his own name. With the aid of a corrupt loan officer, he enlisted friends and family to act as “straw buyers” and sign construction loan applications in their own name. Several of the applications contained false statements, including income, assets or net worth. In exchange for allowing Carter to “borrow their credit,” Carter paid the straw buyers $15,000 per loan, which were not disclosed on loan documents. Carter admitted to evading taxes for the year 2006. Former United Bank loan officer, Roy Leon Cooper, is scheduled for a plea hearing on January 13th.
# posted by Homer Owens @ 10:57 PM 
