Sarasota's Craig Adams files guilty plea in flipping fraud case

Craig Adams of Sarasota turned himself in to authorities in 2008 and has provided prosecutors with information about people he worked with ever since. "The case is unique because the top guy turned himself in and started flipping on people below him in the chain," said L.T. Lafferty, a Tampa criminal defense attorney. "It's like John Gotti coming in and saying he's going to give up his entire crime family."

Though Craig Adams turned himself in to law enforcement in 2008 and has provided a large volume of documents and testimony to implicate his co-conspirators, it took him 10 months from the time of his indictment in February to enter a formal plea on Friday.

Judging from the agreement negotiated by his Tampa attorney Todd Foster, it was time well spent.

Adams pleaded to only one count of conspiring to make false statements to federally insured lenders and wire fraud — a charge that carries a maximum prison sentence of five years.

Because he already has helped the government so much, his ultimate sentence could be 30 to 40 percent shorter, criminal defense lawyers say.

"That's the biggest gift I've ever seen," said Frank Rubino, a Miami criminal defense attorney who represented Panamanian dictator Manuel Noriega. "His sentence could have been in the neighborhood of 10 to 12 years."

By comparison, nine of Adams' co-conspirators have pleaded guilty to two counts of conspiring to lie to banks and wire fraud, which leaves open the possibility that they could go to prison for more than five years.

There are another eight co-defendants who are scheduled to go to trial in February.

"If found guilty, they will get a higher sentence for not accepting their responsibility," Rubino said. "The bottom line is that if they are liable for the same amount of crime, they'll get more time."

Foster, Adams' defense attorney and a former federal prosecutor and FBI agent, declined to discuss specifics about his client's plea deal.

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Sarasota's Craig Adams files guilty plea in flipping fraud case

"The bottom line is that if they are liable for the same amount of crime, they'll get more time." Foster, Adams' defense attorney and a former federal prosecutor and FBI agent, declined to discuss specifics about his client's plea deal.



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