Coral Coral realtor pleads guilty to bank fraud
FORT MYERS, Fla. - High profile Cape Coral realtor Greg Eagle pleaded guilty today to four counts of bank fraud, one count of mail fraud and one count of wire fraud.
U.S. Attorney Robert O'Neill says Eagle faces a maximum penalty of 30 years in prison on each of the six counts and a fine of up to $1 million. Eagle will also be ordered to pay restitution to his victims.
In the plea agreement it was shown that Eagle created the Pine Island 101 Land Trust involving unimproved land in Cape Coral that bordered Pine Island Road. The trust involved 52 other investors.
Eagle mortgaged the property fraudulently. He received several loans against that property including one that exceeded $17 million that he defaulted on.
The other trustee holders have received no compensation for the investment they made in the Pine Island 101 Land Trust.