DES MOINES, Iowa (AP) - A well-known Des Moines real estate developer has pleaded guilty to fraud charges involving the drastic underreporting of the amount he paid for several cars to save himself in registration fees, according to prosecutors.
Jeff Young, 57, entered written guilty pleas on Friday to five counts of third-degree fraud, an aggravated misdemeanor, and has agreed to pay more than $32,000 in restitution and fees, the Des Moines Register reported.
The Iowa Department of Transportation said in a criminal complaint that Young underreported the value of five vehicles he bought by a combined $309,400 between May 2017 and September 2019, saving himself $15,500 in registration fees. That included a 1988 Specially Constructed Atlantis Roadster he reported buying for $9,600, but actual paid $105,600, and a 1965 Shelby Cobra reportedly bought for $10,000 when he actually paid $110,000.
The department charged Young in November with second-degree fraudulent practice, a felony. As part of his plea agreement, Young will not face prison time or probation. If he fails to pay, he will be ordered to serve a year on probation.
Young is president of We Can Build It, the developer behind some highly anticipated redevelopment projects in Des Moines. Young did not immediate return a phone message Tuesday seeking comment.
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