DES MOINES, IA—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 release following release from prison and to pay $500,000 restitution and directed Walters to pay a $100 special assessment to the crime victims fund.
Walters pleaded guilty to committing bank fraud on September 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 project to pay for a variety of other items and projects. A consortium of at least ten Iowa and Missouri banks participated in loans to the project. Walters’s co-defendant in the matter is scheduled to be sentenced by Chief Judge Gritzner in April.
