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Cape Coral real estate broker Greg Eagle
Cape Coral real estate broker Greg Eagle / news-press.com file photo

U.S. District Judge John Steele has granted a motion by Cape Coral real estate broker Greg Eagle to delay his bank fraud sentencing date to Nov. 12.

Eagle’s attorney asked for the extension because both the prosecution and the defense met and “recognized that in this particular case the loss figure requires a calculation that involves variables that are not normally encountered. Furthermore, there are multiple potential victims who all stand in different positions with respect to this issue.”

Originally, Eagle had been scheduled to be sentenced July 8 but Steele granted him an extension to Sept. 9 so Eagle could line up witnesses who could show him in a more favorable light.

Eagle is charged with fraudulently obtaining loans of $2 million and $17 million, using as collateral land owned by Pine Island 101 Land Trust, of which Eagle is trustee.

He has acknowledged that he misrepresented himself as the owner, not just the trustee.

Eagle poured the $17 million into an attempt to save his stake in a project to develop a Homeland Security training center – a project that caused his financial ruin.

His pre-sentence report says that under federal court guidelines, he could be sentenced to 121 to 141 months in prison.

Faced with a possible prison sentence of almost 12 years for bank fraud, Cape Coral real estate broker Greg Eagle is scrambling to line up witnesses who can show him in a more favorable light.

U.S. District Judge John Steele on Wednesday granted a motion by Eagle's attorney, Wilbur Smith, to delay his sentencing from July 8 to Sept. 9.

Smith said Thursday he'll use the time to prepare a case that Eagle – though he broke the law – deserves mercy because he intended to get his investors a profit on the property involved.

"The goal is to show the judge that Greg Eagle secured the loan from First National Bank of Pennsylvania not for his own purposes but so that he could complete another investment in which he was ultimately defrauded himself," Smith said.

Eagle is charged with fraudulently obtaining loans of $2 million and $17 million, using as collateral land owned by Pine Island 101 Land Trust, of which Eagle is trustee.

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