Des Moines Area Developer Guilty of Bank Fraud
DES MOINES, Iowa (AP) A Des Moines area developer has pleaded guilty to bank fraud in connection with a loan to develop a condominium project.
U.S. Attorney Nicholas A. Klinefeldt announced that Randal L. Walters, of Polk County, pleaded guilty Thursday to one count of bank fraud related to the Meadow Cove project.
The 55-year-old Walters acknowledged during court proceedings that he borrowed money from First Bank of West Des Moines intended for the condominium project and diverted it to other uses.
U.S. District Court Judge James E. Gritzner is scheduled to sentence Walters on Jan. 3, 2012.
Walters, who remains free pending the sentence, could be sentenced to up to 30 years in prison and ordered to pay a $1 million fine.