Another defendant was Vickie Hall, wife of David Drake, who received three years of probation in October Clarkson admitted, while he was working as a mortgage broker, that he agreed with Drake and Snider to advertise and obtain investors for Indian Ridge.
Drake and Snider planned to construct townhomes and sell them as vacation homes. Clarkson prepared loan applications for buyers in which he made false statements. Investigators said Drake and Snider obtained 51 construction loans for their project. The loan agreements required construction costs be paid before seeking reimbursement.
Instead, Drake and Snider failed to do enough construction to justify the funding that they received. Only 13 homes were started and none of them were completed. Investigators said Drake and Snider used the money from the loans for personal expenses and expenses related to other construction projects. Secret Service worked with federal prosecutors on the case. Jim Shirato of Springfield was the lead developer when the acre project was announced in Matt Blunt was at the ceremony when it was announced.
He yelled into a bullhorn for the excavators to start their engines. Shirato became ensnared by the legal difficulties of Drake and Snider and the project's lenders after spending hundreds of thousands of dollars of his own money. Federal regulators shut down Columbian Bank and Trust in , halting the development, and Shirato couldn't get the Federal Deposit Insurance Corporation to let the project proceed.
The Missouri Attorney General's Office later sued the developers for violating state and federal clean water laws because soil from the excavated areas washed into Table Rock Lake. The project ended up being a ghost town with several partially completed buildings visible between Missouri 76 and Table Rock Lake. New developers bought the property in and are working with the Stone County Commission on projects that could be announced soon when legal hurdles are cleared. Skip to content.
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