St. Louis business owner sentenced for insurance fraud

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by KMOV.com staff

KMOV.com

Posted on March 6, 2012 at 1:22 PM

Updated Tuesday, Mar 6 at 3:57 PM

(KMOV) -- The owner of a St. Louis business was sentenced Tuesday for fraud after misusing insurance money.

Christopher Scott Walters, 48, of Chesterfield, was sentenced to five years probation, six months in a community confinement center and a year of electronic monitoring. Walters, who owns  Walters Holdings LLC,  will also pay $236,983 in restitution.

According to court documents, Walters’ company purchased the Ashby Heights apartment complex in St. Louis county with a loan from Citibank. On November 20, 2008 the building was damaged by a fire.

Walters filed an insurance claim and, because Citibank held the lien on the apartment complex, all insurance proceeds had to be retained by Citibank and distributed when repairs were made. Citibank did not know about the fire until September, 2009.

Walters received insurance checks at the beginning of 2009, forged Citibank’s endorsements on the checks and used them to pay personal debts and expenses, even purchasing a 2009 Cadillac Escalade.     

Walters pleaded guilty in November to two felony counts of bank fraud, two felony counts of uttering forged securities and one count of unlawful monetary transactions.

 

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