David Ingram, a 72-year-old businessman from Sanford, Florida, appeared in court following a federal indictment accusing him of defrauding corporate clients in multiple states.
Ingram allegedly lured developers into loan agreements for construction projects, then misappropriated over $4 million in deposits.
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The indictment alleges that Ingram, through his company AltosGroups, falsely claimed to have access to substantial credit lines with major international financial institutions. He reportedly convinced developers to wire deposits into AltosGroups accounts, promising they would be held in escrow.
However, Ingram allegedly used the funds for personal expenses and unauthorized transactions, including a $3 million transfer to a Mexican institution without the developer’s consent.
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The alleged fraud affected clients in Kansas, Missouri, Utah, and Ohio. Ingram is facing four counts of wire fraud and made his initial court appearance in Florida. He is scheduled to appear before a U.S. Magistrate Judge in Kansas on August 14th.
The case is under investigation by IRS Criminal Investigations and the U.S. Secret Service.
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