Rogue Bank VP’s Greed Leads to Prison Time
Bradley Schlotfeldt, a 59-year-old former bank vice president and lending officer from Cedar Falls, Iowa, has been sentenced to over a year in federal prison for submitting false documents to the bank where he worked.
According to court records, Schlotfeldt pleaded guilty on March 10, 2022, to one count of making a false statement to a financial institution. The crime was committed when Schlotfeldt submitted a false loan application for a ‘Young Farmer’ loan, which ultimately resulted in the victim bank losing $575,218.
The victim bank discovered that Schlotfeldt had falsified documents or violated bank policy in 14 loans, including the ‘Young Farmer’ loan. In total, the bank wrote off $6,738,290.35 in loans associated with Schlotfeldt.
Schlotfeldt was sentenced in Cedar Rapids by United States District Court Judge C.J. Williams to 18 months’ imprisonment. He was also ordered to make $3,000,000 in restitution to the victim bank and serve a five-year term of supervised release after the prison term.
The case was prosecuted by Assistant United States Attorney Anthony Morfitt and investigated by the Federal Bureau of Investigation.
Schlotfeldt was released on the bond previously set and is to surrender to the Bureau of Prisons on a date yet to be set.
The case file number is 22-CR-1010.
Key Facts
- State: Iowa
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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