Panhandle Speculator, Lawyer Charged in Bombing Range Scheme

A speculator and an attorney are charged with defrauding investors in a bombing range scheme.

Stephen Alford and lawyer David Fleet are accused of trading swamp land the Air Force could use as a bombing range for prime beachfront property in the Florida Panhandle. They were arrested on wire fraud, money laundering and other federal charges.

The grand jury indictment states that both used more than $850,000 of the investors' money to buy personal items.

Also, the speculator contributed additional cash to a congressional candidate while seeking passage of legislation to allow the land swap.

Alford and Fleet each are free on their own recognizance. They are set for arraignment Tuesday in U.S. District Court at Pensacola.