Dubuque, IA – Chad Michael Saeugling, 39, a former warehouse supervisor from Asbury, Iowa, has pleaded guilty to mail and financial fraud charges in federal court in Cedar Rapids, Iowa. Saeugling was convicted of one count of mail fraud and two counts of making a false statement to a financial institution.
According to court documents, Saeugling worked at a Peosta, Iowa, warehouse between 2004 and 2014. During this time, he executed a scheme to defraud his employer by selling the company’s goods on the Internet. Saeugling advertised goods found in the warehouse on eBay and shipped the stolen goods out of the warehouse along with the items the company was shipping to its customers.
Saeugling’s scheme resulted in the theft of over $400,000 worth of goods from his employer. He used the money to purchase a house from his father in late 2014. To secure a home mortgage loan, Saeugling made a false statement concerning his income to a federally insured credit union. He also falsely told the credit union that his father had gifted him $22,000 to purchase the home when, in truth, Saeugling had previously supplied his father with the money.
In early 2015, Saeugling and his wife applied for a home-equity loan on the house he had purchased from his father. In that application, he submitted false statements to his credit union. To receive the home equity loan, Saeugling later made another false statement to the credit union concerning his income.
Saeugling faces a possible maximum sentence of 80 years’ imprisonment, a $2.25 million fine, $300 in special assessments, and 3 years of supervised release following any imprisonment. Sentencing before United States District Court Chief Judge Linda R. Reade will be set after a presentence report is prepared.
The case is being prosecuted by Assistant United States Attorney Timothy L. Vavricek and was investigated by the Dubuque County Sheriff’s Office.
Defendant Information:
* Defendant: Chad Michael Saeugling
* Charges: Mail Fraud, Making a False Statement to a Financial Institution
* City and State: Asbury, IA
* Date: Not specified
* Sentence or Outcome: Pleaded guilty, facing possible maximum 80 years imprisonment, $2.25 million fine, and 3 years supervised release
* Dollar Amounts: Over $400,000 worth of goods stolen, $22,000 falsely claimed as gift
Related Federal Cases
- Michael Recker, Grain Elevator Ticket Fabrication and Bankruptcy Fraud, Iowa 2012 · Iowa
- Christine King, Mail Fraud, Iowa 2014 · Iowa
- Michael Schute, Wire Fraud and Filing False Tax Returns, Iowa 2013 · Iowa
- Jeremy J. Fishnick, Wire Fraud, Iowa 2023 · Iowa
- Eric Holub, Tax Withholding Fraud, Iowa 2008 · Iowa
Key Facts
- State: Iowa
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
