Three civilization from Colorado learned their sentences top top Tuesday because that a genuine estate fraud scheme in i beg your pardon developers obtained money because that proposed townhomes alongside Table absent Lake east of Branson West. Castle would have actually been part of a large project dubbed Indian Ridge will Community.

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Two of the three civilization sentenced on Tuesday admitted in U.S. District Court the they lie to get loans because that the job in 2006. The third one admitted she knew around the lies but didn’t report it.

David Drake, 67, of Lone Tree, Colo. And also Donald Snider, 57, that Littleton, Colo., each got five-year jail sentences. Snider"s wife, heath Gibbs, 54, got three years of probation.

Drake and Snider pleaded guilty come one count of conspiracy come commit financial institution fraud and also one counting of conspiracy come commit money laundering. Drake and Snider admitted lock were company partners in Western site Services, which collection out to construct Indian Ridge Resorts. They made false representations in stimulate to acquire financing from three banks, consisting of Columbian Bank and also Trust.

Another defendant to be Vickie Hall, wife of David Drake, who obtained three year of probation in October 2015. In addition, James Clarkson, 45, of Casa Grande, Ariz., last August obtained a 24-month prison sentence, complied with by three years of supervised release, and also an stimulate to do restitution to the banks of nearly $14,221,000.

Clarkson admitted, while the was functioning as a mortgage broker, the he agreed through Drake and Snider come advertise and also obtain investor for Indian Ridge. Drake and Snider planned to construct townhomes and sell them as vacation homes.

Clarkson prepared loan applications for buyers in which the made false statements. That inflated borrowers’ revenue to make sure they qualified for loans.

Investigators claimed Drake and Snider derived 51 building and construction loans for their project. The loan agreements required construction costs it is in paid prior to seeking reimbursement. Instead, Drake and also Snider failure to execute enough building to justification the capital that castle received. Only 13 houses were started and also none that them were completed.

Investigators stated Drake and also Snider used the money from the loan for personal expenses and expenses pertained to other building and construction projects.

As part of their sentences, a judge ordered Vickie Hall and Heather Gibbs to do restitution in the quantity of $120,000 each. As of Wednesday, the referee hadn"t determined how lot restitution to order because that Drake and Snider, follow to FBI special agent john Nunez, a public information officer, because that IRS Criminal Investigation.

The federal Deposit insurance money Corporation, the internal Revenue Service, and also the U.S. An enig Service operated with federal prosecutors on the case.

Jim Shirato the Springfield to be the lead developer once the 900-acre job was announced in 2006. He claimed developers would ultimately spend $1.6 billion for shopping areas, a 390-room will hotel through the country"s second-largest at home water park, a golf course, a marina and also an Indian background museum in addition to the townhomes or condominiums.

Gov. Matt blunt was in ~ the ceremony as soon as it was announced. That yelled right into a bullhorn for the excavators to begin their engines. Indian Ridge later on received a $1 million provide from the state room of natural Resources for a wastewater plant, and major highway enhancements were planned.

Shirato became ensnared by the legal challenges of Drake and also Snider and also the project"s lenders ~ spending thousands of thousands that dollars the his own money. Federal regulators shut under Columbian Bank and also Trust in 2008, halting the development, and Shirato couldn"t obtain the commonwealth Deposit insurance Corporation come let the job proceed.

The Missouri lawyer General"s Office later sued the developers for violating state and also federal clean water laws because soil from the excavated locations washed right into Table absent Lake. Shirato ended up paying a $125,000 fine.

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The project ended up being a ghost town v several partly completed structures visible between Missouri 76 and also Table absent Lake. New developers to buy the residential or commercial property in 2015 and are working through the stone County board of directors on tasks that can be announced soon once legal hurdles are cleared.