Newspaper article Sarasota Herald Tribune

Flipping King Is out of Prison

Newspaper article Sarasota Herald Tribune

Flipping King Is out of Prison

Article excerpt

CRAIG ADAMS: Released after two years and two months in federal pen

After nearly two years and two months in prison, Sarasota flipping king Craig Adams is a free man.

Federal prison records show he was released on Tuesday, 10 months shy of his three-year sentence.

From 1997 and 2008, Adams orchestrated more than 100 fraudulent real estate deals in the Sarasota area, permitting members of his group to collect more than $200 million in loans.

It was one of the biggest flipping fraud schemes in Florida history. But because Adams turned himself into the FBI in 2008, he was able to secure a lenient sentence.

In return, he helped prosecutors indict 21 members of his vast conspiracy.

When he was sentenced on Halloween in 2012, U.S. District Court Judge Elizabeth Kovachevich surprised him by ordering him taken into custody immediately. There was no time to say goodbye to his weeping wife.

"I have a vision of a ship going down in Sarasota," Kovachevich said moments before she delivered her decision. …

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