A Florida businessman will serve nearly four years in federal prison after admitting to orchestrating a construction loan scam that cost real estate developers millions. David Ingram, 73, was sentenced to 46 months behind bars for deceiving clients and misappropriating their deposits under the guise of financing large development projects.
Ingram had previously pleaded guilty to one count of wire fraud. Prosecutors say he used his company, AltosGroups, LLC, to falsely claim access to warehouse lines of credit supported by major global banks. Through contracts with commercial developers, AltosGroups promised to secure financing for sizable construction projects in multiple states.
To initiate the supposed loan process, Ingram required developers to pay significant deposits. According to court documents, Ingram assured clients that their funds would be protected and maintained in dedicated accounts intended to support their individual construction loans. Instead, investigators found that no such credit lines existed, and Ingram funneled the developers’ money into personal and unrelated business accounts.
Rather than funding projects, he used the deposits for private expenses, transferred money between accounts controlled by himself and his wife, and even routed $3 million to a financial institution in Mexico. Victims from Kansas, Missouri, Ohio, and Utah never received the loans they were promised and were not refunded their deposits.
Federal investigators emphasized the seriousness of the deception.
“Schemes as shady as this one merit aggressive investigation by IRS-Criminal Investigation,” said St. Louis Field Office Special Agent in Charge William Steenson. He added that “Mr. Ingram caused a great deal of financial loss to the four victims all to fill his own bank accounts with their hard-earned money. Now it’s time for him to be held accountable for his actions.”
Authorities estimate that more than $8 million was lost, affecting development plans that relied on the financing. Many of these projects were delayed or canceled altogether, highlighting the risks and vulnerabilities that exist when investors depend on unverified private lenders.
Legal analysts note that financial fraud in the construction financing sector has been an increasing concern, as tighter lending regulations have pushed some developers to pursue independent funding sources without fully vetting their credibility. The case is likely to encourage greater scrutiny of private loan brokers and demand stronger safeguards.
Along with prison time, Ingram is expected to face restitution requirements to repay his victims. The court has yet to announce the official restitution total, though it is expected to approach or exceed the reported loss amount. AltosGroups is no longer operating.
Originally reported by Phil Hall in WRE News.
