|Published:||Mar 14, 2013 12:22 PM EDT|
|Updated:||Mar 14, 2013 6:37 PM EDT|
FORT MYERS, Fla. - Only WINK News cameras were at federal court Thursday morning as Greg Eagle made his way inside. At one point in time, Eagle was one of the top realtors in southwest Florida, but Thursday he pleaded guilty to six counts of fraud.
Many of his clients lost their savings as a result of the scheme he admitted to, yet he's not apologizing to his victims.
"90% of the trust is on my side, there's a few local people, that have made money, that are complaining," Eagle said, shortly before he pleaded guilty.
Eagle was the trustee of the Pine Island 101 Land Trust, a valuable 101-acre property of Pine Island Road in Cape Coral. 52 people invested in the land with him, spending $3,000,000 in 1990.
But Eagle had other plans in mind. He admitted in court that he forged an affidavit and took out nearly $20 million in mortgages against the land. He was hoping to cash in by bringing a Homeland Security Project to Florida. But the deal fell through and Eagle defaulted on the loan. The bank, First National Bank of Pennsylvania, tried to foreclose on the property.
Though Eagle claims he was a victim.
"Because of a scam I was involved with," Eagle said, "basically there was a gun to my head."
Each of the six fraud counts carries a maximum sentence of 30 years in prison. Eagle will be sentenced at a later date.
He'll also have to pay restitution to the victims in this case, though it's not clear how much they'll get, Eagle lost millions when the Homeland Security project fell through.
Meanwhile, the investors will have their day in court late next month. They're trying to hold onto the 101-acres of land on Pine Island Road, while the bank is trying to foreclose.
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