81.8 F
Cruz Bay
Tuesday, September 27, 2022
HomeNewsArchivesPETER CLARK INDICTED ON WIRE FRAUD

PETER CLARK INDICTED ON WIRE FRAUD

A federal grand jury has indicted St. Thomas developer Peter W. Clark and his company, Clark Brothers Enterprises Inc., on charges of wire fraud.
The indictment charges Clark, 45, the developer of Magens Bay Condominiums, with obtaining a $150,000 loan by giving fraudulent information, a release from U.S. Attorney James A. Hurd Jr. said.
Clark allegedly obtained the loan from Transcaribbean Trade Ltd. by securing a first-priority mortgage over certain condominium units, Hurd's release said. However, Clark concealed the fact that those units had been sold and most of the purchase price had been paid.
Clark voluntarily surrendered to authorities on Friday. U.S. Magistrate Judge Geoffrey W. Barnard released him on bail.
The maximum penalty for wire fraud is five years in jail and a $250,000 fine.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.




Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.