LITTLE ROCK (AP) - A real estate developer faces up to 30 years in prison after pleading guilty to one count of mail fraud.
Roger Stephen Clary entered the plea Thursday in federal court in Little Rock. As part of the plea deal, prosecutors dropped four counts of wire fraud against Clary.
An indictment accuses Clary of misusing about $1.6 million of a $4.5 million loan from Banc of America Leasing Corporation. According to court records, the loan was to pay for the purchase and outfitting of buses for his company, Destination Ventures. But prosecutors claim that Clary redirected nearly $1.6 million of that loan to two companies that weren't involved in the bus project.
Clary faces a maximum of 30 years in prison and a fine of up to $1 million.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.