West Des Moines Developer Randal 'Randy' Walters Sentenced to Prison

A news release from the U.S. Attorney's Office:

Des Moines area real estate developer Randal L. Walters was sentenced to 12 months and one day in prison for his participation in a bank fraud scheme.

Chief Judge James E. Gritzner also ordered Walters to serve a term of five years of supervised probation following release from prison, make $500,000 restitution to the victims and also directed Walters to pay a $100 special assessment to the crime victims fund.

Walters pleaded guilty in U.S. District Court to committing bank fraud on Sept. 20, 2012, in connection with a condominium development project on the south side of Des Moines known as the Meadow Cove project.

Walters had been charged with diverting funds borrowed for that projectto pay for a variety of other items and projects. A consortium of at least 10 Iowa and Missouri banks participated in loans to the project.

Walters’s co-defendant in the matter, John Kline, is scheduled to be sentenced by Chief Judge Gritzner in April.

The case was investigated by the Federal Bureau of Investigation, and the case was prosecuted by the United States Attorney’s Office for the Southern District of Iowa.