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MANCHESTER, NH – A local real estate developer is in hot water after allegedly cooking the books to snag a nearly $4 million loan. Charles Sargent, 37, of Bow, NH, was indicted this week on a single count of Bank Fraud, according to federal prosecutors.
Sargent allegedly pulled a fast one on a lender while trying to finance the purchase of the Chase Block Building at 1037-1045 Elm Street in Manchester. The building’s actual sale price was $2.7 million, but Sargent, through an associate, claimed he’d paid $4.7 million. To back up the lie, he allegedly submitted bogus bank statements, leases, and cancelled checks.
The scheme allowed Sargent to secure a $3.8 million loan he wouldn’t have otherwise qualified for. Investigators from the FBI and the Federal Deposit Insurance Corporation’s Office of the Inspector General uncovered the deception.
If convicted, Sargent faces up to 30 years in the federal lockup, plus a potential $1 million fine and five years of supervised release. He’s presumed innocent, of course, until proven guilty in court.
Assistant U.S. Attorney Alexander S. Chen is handling the prosecution.
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