Real estate agent charged in kickback scheme

TAMPA — St. Petersburg real estate agent Gary Blankenship has been indicted on fraud charges in connection with what federal prosecutors say is a kickback scheme involving a failed condo conversion project.

Blankenship, 44, is charged with conspiracy, wire fraud and bank fraud. He faces a maximum of 30 years in prison on each charge if convicted, in addition to a monetary judgment.

Authorities allege Blankenship and another person charged in the case, Brenden Bolger, used a company named Capital Management Guarantee LLC to sell condos in The Arbors, a Hillsborough County condo building. The alleged criminal activity took place in 2005. Blankenship, prosecutors contend, promised buyers they would not be required to provide any money at closing; actually provided cash for borrowers to close on the units; facilitated the payment of kickbacks to his clients via Capital Management Guarantee; and facilitated submission of false loan applications to FDIC-insured financial institutions.