Nearly four years after Denali Alaskan Federal Credit Union charged a prominent real estate developer with fraud, a federal grand jury recently indicted Lee Baker Jr. for making false statements to obtain more loans.
Baker allegedly made several transactions through the $444 million Denali Alaskan in Anchorage dating back to 2005 to fund several condominium units, according to several local media reports.
To obtain the loans, the U.S. Attorney's Office said, Baker transferred property from his company Discovery Construction to himself and then back to his company.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
