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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA Hancock County man has been sentenced to 27 months in prison on guilty pleas to wire fraud and money laundering.
U.S. Attorney Timothy M. Morrison said 45-year-old Frederic Bowles Jr. of McCordsville admitted obtaining fraudulent loans for investors by submitting false loan applications, financial documents and appraisals.
Morrison said Bowles obtained the loans to buy properties that Bowles had previously purchased at lower prices. Court documents say Bowles bought and sold 18 properties at about $673,000 above fair market value between August 2002 and April 2004.
U.S. District Judge Sarah Evans Barker sentenced Bowles on Friday. She also ordered him to serve three years supervised release following his prison term.
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