KANSAS CITY, Kan. (AP) — A man and a couple from Colorado have been sentenced for their roles in a real estate fraud scheme in which developers borrowed money to build townhomes at Table Rock Lake.
Sixty-seven-year-old David P. Drake of Lone Tree, Colorado, and 57-year-old Donald D. Snider of Littleton, Colorado, were sentenced Tuesday in Kansas City, Kansas, to five years in federal prison. Snider’s wife, 54-year-old Heather Gibbs, received three years of probation.
Drake and Snider pleaded guilty to one count each of conspiracy to commit bank fraud and money laundering. They admitted that as business partners seeking to develop land in a project, they made false representations to get financing from three banks.
Gibbs admitted she knew of the fraudulent invoices to the banks but did not report the crime.