(Oxford, MS) Thursday, Chuck Roberts admitted he committed bank fraud.
The Feds were ready to prosecute, saying Roberts and his business partner James M. Harris Jr. made false statements after getting a 5-million dollar loan from Citizens National Bank.
The loan was for construction and development of the Cherry Hill Subdivision in Desoto County.
But prosecutors didn't have to try the case.
Roberts stood before a judge and waived his right to an indictment, admitting to making $443, 000 worth of withdrawals from the bank loan using fake invoices.
Roberts says when the bank got suspicious, he and his business partner made up a story about drainage problems at the subdivision as a reason for the withdrawals.
It's not the first time Roberts has been embroiled in controversy.
News Channel 3 first told you about a real estate deal where Roberts admitted to fraudulently mis-leading a property owner, by purchasing his property and the same day selling it to the City of Southaven for almost a $50,000 profit.
Roberts' real estate license was suspended for a year.
Chuck Roberts also has ties to Southaven Mayor Greg Davis after the two went in on buying a condo in Florida, which Roberts now reportedly no longer owns.
Roberts could face a maximum of 30 years in prison and a million dollar fine.
He remains out of jail.
The judge has 60 to 90 days to sentence him.
Robert's business partner James Harris was arrested Wednesday for Conspiracy to Defraud.
He will be in court in March.
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