BANK FRAUD: Des Moines Developer Pleads Guilty
A prominent Des Moines developer says he’s guilty of bank fraud.
Randy Walters entered the plea Thursday morning. He’s accused of borrowing money from 13-banks for development projects and then using the money for other purposes.
As part of a plea deal, Walters will likely face up to two-years in prison.
Walters’ partner, John Kline is also charged with bank fraud. Kline’s trial is scheduled to begin on January 3rd.
Kline was also sued in 2009 after his million-dollar-home in Urbandale burned to the ground.
American Family Mutual Insurance sued Kline and his wife to prevent the couple from collecting on the insurance policy for the home. American Family claimed Kline played a roll in setting the fire. He was never charged criminally and investigators were unable to determine the cause of the fire.