A Bow resident and real estate developer was indicted on Mar. 19 for allegedly obtaining a $3.8 million loan through fraudulent means, according to U.S. Attorney Erin Creegan.
The case involves Charles Sargent, 37, who has been charged with bank fraud. The indictment states that Sargent sought to purchase the Chase Block Building at 1037-1045 Elm Street in Manchester. The actual owner sold the property for $2.7 million to an individual acting under Sargent’s direction, after which Sargent took possession of the building.
Prosecutors allege that in order to secure a $3.8 million loan, Sargent falsely claimed he had purchased the property for $4.7 million and submitted fabricated bank statements, leases, and checks to the lender.
If convicted under the charging statute, Sargent faces up to 30 years in prison, up to five years of supervised release, and a fine of up to $1 million. Sentencing would be determined by a federal district court judge based on U.S. Sentencing Guidelines and relevant statutes.
The Federal Deposit Insurance Corporation’s Office of the Inspector General and the Federal Bureau of Investigation led the investigation into this case. Assistant U.S. Attorney Alexander S. Chen is prosecuting.
Authorities emphasize that all details contained in charging documents are allegations and that “the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.”
