A federal grand jury has indicted St. Thomas developer Peter W. Clark and his company, Clark Brothers Enterprises Inc., on charges of wire fraud.
The indictment charges Clark, 45, the developer of Magens Bay Condominiums, with obtaining a $150,000 loan by giving fraudulent information, a release from U.S. Attorney James A. Hurd Jr. said.
Clark allegedly obtained the loan from Transcaribbean Trade Ltd. by securing a first-priority mortgage over certain condominium units, Hurd's release said. However, Clark concealed the fact that those units had been sold and most of the purchase price had been paid.
Clark voluntarily surrendered to authorities on Friday. U.S. Magistrate Judge Geoffrey W. Barnard released him on bail.
The maximum penalty for wire fraud is five years in jail and a $250,000 fine.