Marvin Redenius Guilty

A businessman from Belmond, Iowa, has pleaded guilty to making a false statement to a bank in order to obtain a loan. Marvin Redenius, age 49, was convicted of one count of making a false statement to a financial institution.

At the plea hearing, Redenius admitted that, on November 10, 2006, he lied to the financial institution, claiming the purpose of the loan was for the purchase of farm equipment when, in fact, Redenius used the proceeds of the loan to purchase stock in a company.

The guilty plea was entered in federal court in Cedar Rapids, and Redenius remains free on bond previously set. He faces a possible maximum sentence of 30 years’ imprisonment, a $1 million fine, $100 in special assessments, and five years of supervised release following any imprisonment.

The case against Redenius was investigated by the Internal Revenue Service and the Federal Bureau of Investigation. Assistant United States Attorney C.J. Williams is prosecuting the case.

Sentencing for Redenius will be set after a presentence report is prepared. The case will be decided by United States District Court Chief Judge Linda R. Reade. Court file information is available at https://ecf.iand.uscourts.gov/cgi-bin/login.pl, with the case file number being 13-cr-3007.

The conviction of Redenius serves as a reminder that making false statements to financial institutions is a serious crime with severe consequences. The investigation and prosecution of such cases demonstrate the commitment of law enforcement agencies to protecting the integrity of the financial system.

In a statement, the US Attorney’s Office emphasized the importance of honesty and transparency in financial dealings. The office also commended the work of the Internal Revenue Service and the Federal Bureau of Investigation in investigating the case and bringing Redenius to justice.