Bay City developer Steven Ingersoll plus his wife, brother and two others have been indicted in U. S. District Court for conspiracy to commit bank fraud which carries a maximum penalty of 30 years in prison. Federal authorities allege that between April 2010 and June 2011, the group conspired to defraud Chemical Bank out of $1.8 million in a construction loan converting a former church into the Bay City Academy Charter School.
Investigators say about $934,000 went into a joint personal bank account owned by Steven Ingersoll and his wife Deborah.
Other charges involve conspiracy to evade federal income taxes and wire fraud.
Steven Ingersoll bought numerous properties in the city between 1991 and 2010, but had tax breaks on eight of them repealed in May, 2013 after he fell over $29,000 behind on tax payments.