Roberts’ partner on the job, James M. Harris Jr., was arraigned on similar charges earlier this week. He pleaded not guilty.
Roberts, 46, of Southaven admitted to submitting false invoices totaling about $443,540 to Citizens National Bank, which loaned the developer’s company $5 million for the Cherry Hill Subdivision.
He faces up to 30 years in prison and a $1 million fine, as well as possible restitution.
Roberts, who remains free on his own recognizance, will not be sentenced until after the U.S. Probation Service prepares a report for the judge to consider before setting punishment.
The report could take three or four months.