Former PAAR President Charged with Bank Fraud and Money Laundering

By WEEK Producer

September 29, 2011 Updated Sep 29, 2011 at 10:24 PM CDT

A Federal Grand Jury has indicted the former President of the Peoria Area Association of Realtors for three counts of bank fraud and two counts of money laundering.

Shara Andrews, formerly known as Shara Manning, is accused of not repaying banks on loans she'd taken for the Wyndhill Estates Subdivision.

The Department of Justice says the fraud amounts to some $800,000.

Andrews acted as both developer and contractor for the subdivision.

She's charged with submitting phony lein waivers from sub-contractors and suppliers to real estate buyers.

The U.S. Attorney says that caused buyers to release funds to her, which she put to her own use.

Bank Fraud is punishable by up to thirty years in prison for each offense.