Former Ridpath Developer Arrested - Spokane, North Idaho News & Weather KHQ.com

Former Ridpath Developer Arrested

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SPOKANE, Wash. - The Spokane developer largely blamed for a slew of complicated legal and financial problems at Spokane's Ridpath Hotel, one of the area's most recognized landmarks, was Federally indicted Wednesday on 73 Federal counts including bank fraud, money laundering and wire fraud.

Gregory Jeffreys, 53, is at the Spokane County Jail facing a laundry list of financial crimes along with his wife, Kimberly Jeffreys, 53, who faces 25 Federal charges. The massive indictment also lists 29 counts against Shannon Stiltner, 51, who worked with Jeffreys and was previously described in court records as Gregory Jeffreys' girlfriend. Federal agents arrested all three yesterday and booked them into jail late Tuesday afternoon.

The indictment described this as a multi-million dollar Ponzi scheme.

Court documents show the companies Jeffreys created to keep the alleged fraud alive.  The documents also detail how Greg Jeffreys and his wife defrauded both lenders and investors in many projects including a 2009 project in Airway Heights.

But that's just the tip of the iceberg. The victims come from all over the country including California, Kansas, Texas and Wisconsin just to name a few.

All three appeared in Federal court today before U.S. Magistrate Judge Cynthia Imbrogno after the indictment was unsealed Wednesday morning.

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