Industry News

Real estate team pleads guilty to loan fraud

Each faces up to 30 years in prison, $1 million in fines

A real estate developer and real estate agent in Florida each face up to 30 years in prison and fines of up to $1 million on charges related to false loan statements and income tax returns. James Sharpe Sr., James Sharpe Jr. and Shannon Sharpe Carr last week pled guilty to making materially false statements to financial institutions in the Destin, Fla., area, U.S. Attorney Gregory Miller said Monday. Defendants will be ordered to pay restitution to all victims still owed money, and forfeit money obtained as profit for their illicit activity. Sharpe Sr. operated several companies related to the real estate development business, all of which operated from his JAS Realty office in Destin. Carr was a full-time contract employee at JAS Realty and Sharpe Jr., a real estate licensee, earned commissions for sales through the realty office. Sharpe Sr., his business entities and partnerships attempted to borrow, or were legally bound as guarantor for loans totaling more than $67 million for...