St. Louis (KSDK) - A Chesterfield man has pled guilty to multiple fraud charges.
According to court documents, 48-year-old Christopher Scott Walters, owner of Walters Holdings LLC, obtained a commercial loan from Citibank for $7,840,000 to buy an apartment complex called Ashby Heights in St. Louis County.
The complex was damaged by a fire in November 2008, and Walters filed an insurance claim to cover the damage.
Insurance proceeds were held by Citibank and disbursed as repairs were made due to a lien on the property.
In early 2009, Walters forged Citibank endorsements on the checks and used the money for paying personal debts and expenses, making mortgage payments, and to purchase a 2009 Cadillac Escalade.
Citibank didn't become aware of the fire until September 2009.
Walter pled guilty to two felony counts of bank fraud, two felony counts of uttering forged securities, and one count of unlawful monetary transactions.
He faces 10 to 30 years in prison, and/or fines up to $1,000,000.
Sentencing is scheduled for February 21, 2012.
KSDK