Crime & Safety

Point Pleasant man faces sentencing for bank fraud

James C. Alberts, 45, faces up to 30 years in prison

A Point Pleasant man will go to jail in March after pleading guilty in Norfolk, Va. federal court to one count of conspiring to commit bank fraud.

James C. Alberts, 45, will be sentenced on March 21, 2011 and faces up to 30 years in prison, according to a press release from the U.S. Attorney's Office in Virginia.

Court documents say Alberts was involved in a conspiracy to commit mortgage fraud on various properties located in the Cape Charles area of the Eastern Shore of Virginia.

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The court records indicate Alberts was a co-owner of Creative Property Development, a company involved in the purchase, development, and sale of real estate property in Northampton County, Va.

The court documents state that Alberts sold real estate developed by Creative Property Developments to his fellow co-conspirators.  To effect the sales, Alberts provided the co-conspirators with the necessary funds to make the down payments and qualify for mortgage loans, but did not disclose this arrangement on the mortgage loan applications, according to the release.

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As a result of these sales, Creative Property Developments earned hundreds of thousands of dollars of profit on these properties.  Because of his actions, Alberts' co-conspirators fraudulently obtained mortgage loans valued in excess of $2.8 million, according to the release.

This case was investigated by the Federal Bureau of Investigation, the United States Secret Service, and Virginia State Police.  Assistant United States Attorneys Robert J. Seidel, Jr. and Joseph L. Kosky are prosecuting the case on behalf of the United States, according to the release.

A copy of this press release may be found on the website of the United States Attorney's Office for the Eastern District of Virginia at http://www.usdoj.gov/usao/vae.  Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia at http://www.vaed.uscourts.gov or on http://pacer.uspci.uscourts.gov.


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