CONCORD, N.H. — A New Hampshire real estate developer has been indicted for fraudulently obtaining a $3.8 million loan, the U.S. Attorney said Thursday.
Charles Sargent, 37, of Bow, is charged with bank fraud, U.S. Attorney Erin Creegan said in a statement.
According to the indictment, Sargent was a real estate developer who sought to purchase the Chase Block Building located at 1037-1045 Elm St. 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. Prosecutors said Sargent then took possession of the Chase Block Building.
However, to get a $3.8 million loan, prosecutors said Sargent claimed he purchased the Chase Block Building for $4.7 million and sent the lender fabricated bank statements, leases, and checks.
If convicted, Sargent faces a sentence of up to 30 years in prison, up to five years of supervised release, and a fine of up to $1 million.
This is a developing story. Check back for updates as more information becomes available.
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