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. Prosecutors say Sargent sought to purchase the Chase Block Building at 1037-1045 Elm Street in Manchester. The indictment alleges that while the true owner sold the property for $2.7 million to an individual acting on Sargent’s behalf, Sargent then took possession of the building and claimed to a lender that he had purchased it for $4.7 million.
According to the indictment, Sargent submitted fabricated bank statements, leases, and checks as part of his application for the $3.8 million loan.
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 Inspector General and the Federal Bureau of Investigation led the investigation into this case. Assistant U.S. Attorney Alexander S. Chen is prosecuting.
Authorities emphasized 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.”
