Stafford Home Builder Convicted of $1,000,000 Theft
Sentencing is scheduled April 4 for a development builder from Stafford found guilty of draining more than $1,000,000 from a dozen investors for projects that never materialized.
David K. Haugland, 41, could receive prison terms of five to 10 years for individual counts o ftheft and attempted theft, according to information from Ocean County Prosecutor Joseph Coronato's office. He faces retrial on a first-degree charge of money laundering, which resulted in a mistrial.
Prosecutors asserted that Haugland was involved in two proposed projects in Long Beach and another in Beach Haven. Jurors determined that Haugland misrepresented his ownership status in order to amass $1,092,500 in investment capital, then failed to spend it on construction.
The jury also determined that Haugland handed false information to a bank in an effort to secure a $75,000 mortgage loan.
He's free on bail until sentencing.