Former Florida businessman sentenced to 46 months in prison for fraud

Date: Nov. 19, 2025

Contact: newsroom@ci.irs.gov

Kansas City, KS – A Florida businessman was sentenced to 46 months in prison for defrauding clients in Kansas, Missouri, Utah, and Ohio by inducing them to enter into loan agreements to finance construction projects and then causing more than $8 million in victim losses by misappropriating funds.

According to court documents, David Ingram of Bristol, Pennsylvania (previously of Sanford, Florida and Cornelius, North Carolina), pleaded guilty to one count of wire fraud.

Ingram was founder and managing member of AltosGroups, LLC, which purported to have warehouse lines of credit with major international financial institutions. AltosGroups signed contracts with commercial real estate developers, agreeing to secure funding to finance construction projects. Ingram required that developers pay initial deposits to gain access to lines of credit he claimed his company maintained. In reality, AltosGroups had no such lines of credit. Ingram told victims that their deposits would be kept in an account specifically dedicated towards funding their respective construction projects. Instead, he diverted the money to accounts belonging to him or his wife and used it for personal expenses and other business purposes, including the transfer of $3 million to a Mexican financial institution. The defendant failed to fund the loans and did not return the deposits to the victims.

“Schemes as shady as this one merit aggressive investigation by IRS-Criminal Investigation,” said St. Louis Field Office Special Agent in Charge William Steenson. “Mr. Ingram caused a great deal of financial loss to the four victims all to fill his own bank accounts with their hard-earned money. Now it’s time for him to be held accountable for his actions.”

IRS Criminal Investigations and the U.S. Secret Service investigated the case.

Assistant U.S. Attorney Ryan J. Huschka prosecuted the case.

IRS Criminal Investigation (IRS-CI) is the law enforcement arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a 90% federal conviction rate. The agency has 19 field offices located across the U.S. and 14 attaché posts abroad.