Prosecutors allege that James misled a bank in order to get more favorable terms on a loan, specifically claiming that a property was going to be a residence, when, according to prosecutors, it was going to be rented out for profit.

However, following a five-month investigation and interviews with more than a dozen witnesses, federal prosecutors uncovered no clear evidence against James, sources told ABC News.

“No one is above the law. The charges as alleged in this case represent intentional, criminal acts and tremendous breaches of the public’s trust,” Halligan said in a statement Thursday announcing the charges. “The facts and the law in this case are clear, and we will continue following them to ensure that justice is served.”