Bow Real Estate Developer Indicted In Multimillion Dollar Loan Fraud Scheme Connected To Queen City Property

CONCORD, NH — A local real estate developer has been indicted on a bank fraud charge, according to the U.S. Attorney’s Office.

Charles Sargent was accused of filing false documents to obtain a loan exceeding the sale price of a building, according to officials, while attempting to purchase the Chase Block Building at 1037-1045 Elm St. in Manchester. The owner of the building sold the property for $2.7 million to a person “acting at Sargent’s direction,” U.S. Attorney Erin Creegan said. After taking possession of the building from the buyer, Sargent was accused of attempting to line up a $3.8 million loan. And in doing so, Creegan said, he claimed he bought the Chase Block Building for $4.7 million, and “sent the lender fabricated bank statements, leases, and checks.”

Editor’s note: This post was derived from information supplied by the U.S. Department of Justice and does not indicate a conviction. This link explains how to request the removal of a name from New Hampshire Patch police reports.

If convicted, Sargent faces up to 30 years in prison, five years of supervised release, and fines of up to $1 million. She said the Federal Deposit Insurance Corporation’s Office of the Inspector General and the FBI led the investigation, and Assistant U.S. Attorney Alexander S. Chen was prosecuting the case.

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