Land developer sentenced to time in prison - WRCBtv.com | Chattanooga News, Weather & Sports

Land developer sentenced to time in prison

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Courtesy:Times Free Press Courtesy:Times Free Press


A Sequatchie County developer will report to prison later this year after he was sentenced for defrauding a lender.

Craig Edward Smith, co-owner of Vision Homes and a partner in the Tennessee Land Co. that developed Fredonia Mountain near Dunlap, was sentenced Monday to 21 months in federal prison. 
Smith plead guilty to a felony charge of diverting money lent to him for his own business. The court also ordered Smith to pay restitution of $200,000 in unpaid debts.  He will report to jail in November.

Smith was indicted last year on three counts of defrauding banks and home buyers while developing part of the 2,500-acre Fredonia Mountain residential complex. In exchange for his guilty plea, prosecutors dropped all but one of the charges.
 

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