Sentencing has been set for March 4, 2011.
McAllister faces a total of 315 years in prison and $6.5 million in fines. The maximum penalty for each violation of the wire fraud statute is 20 years in prison and a $250,000 fine. The maximum penalty for each count of bankruptcy fraud is five years in prison and a $250,000 fine. Each count also carries a mandatory $100 special assessment. The court may also order restitution to any victims of the fraud.
The jury failed to reach a verdict on the bank fraud charge.
McAllister devised a wire fraud scheme to defraud SunTrust Mortgage Inc. in connection with the purchase of rental properties totaling $1.25 million in May and July 2006. He also devised a scheme to defraud SunTrust Bank in connection with a $100,000 line of credit and making three false statements in connection with his subsequent bankruptcy petition in July 2009.