Developer allegedly stole millions
3:15 pm
Fri November 16, 2012

Former Kenwood Towne Place developer indicted



FBI Special Agent Ed Hanko says the investigation took three years.

"To prove the fraud, agents from the FBI, IRS and deputies from the Hamilton County Sheriff's office had to go through every single dollar to determine if the spending of it was a legitimate use or if it was fraudulent and that is why an investigation like this takes so long," he says.

The indictment alleges Daniels used some of the stolen money to purchase expensive jewelry and possibly a boat.

"The investigation is ongoing even though he's been indicted, so I don't want to say we know exactly where all the money went. We have enough information to understand that we believe he was committing bank fraud and, with others, conspiracy," says Assistant United States Attorney Kenneth Parker.

Earlier this year, a grand jury also indicted the former developer's chief financial officer for conspiracy to commit bank fraud. 

Kenwood Towne Place was sold to a new owner this year.