A former central Iowa real estate developer will serve four years in prison after being found guilty of conspiracy to commit bank and wire fraud. A judge sentenced 38-year-old Lane Anderson of Altoona for his involvement in the scheme that used fake information to secure mortgage loans.
Court records show Anderson and his partners, Shannon Flickinger of Earlham, Dave Mable of Urbandale and Paul Kramer of Granger used false information to obtain loans for properties they were trying to renovate and resell. Anderson, Flickinger and Mable operated LDF Development in Urbandale and turned to using the false information, and put some of the properties in Flickinger’s name to obtain loans after the renovation of the properties stalled and they couldn’t get any other financing.
They were then unable to keep up with the payments on the fraudulent loans and some of the properties went into foreclosure. Court records showed the scheme cost lenders over $600,000 in loses.
Kramer was found guilty in a joint trial with Anderson and will be sentenced in April. Mable and Flickinger pled guilty and were sentenced earlier.