Jeffrey D. Gibbs, Boat Loan Scam, Illinois 2020

A Peoria federal court has seen the guilty plea of Jeffrey D. Gibbs, 58, of Farmer City, Illinois, to six felony charges related to a scheme to defraud local boat owners and the banks financing his business, Clinton Marine II.

Gibbs and co-defendant Kara M. Wilkey, 49, of Maroa, Illinois, were indicted in December 2020 with multiple counts of wire fraud, bank fraud, mail fraud and aggravated identity theft. Wilkey pleaded guilty to six of the charges in August 2021.

The pair used their positions with Clinton Marine II to carry out a fraud involving floorplan financing, obtaining loans on fictitious boats and on false transactions, taking out loans using forged signatures, and selling boats on behalf of customers without paying off the customer’s loan or remitting payment to the seller.

Gibbs pleaded guilty to three counts of wire fraud, two counts of mail fraud and one count of aggravated identity theft. He faces up to 102 years in prison, a fine of $1,250,000, or twice the loss to the victims, and up to four years of supervised release upon completion of imprisonment.

The case investigation was conducted by the Federal Bureau of Investigation, Springfield Field Office, with the assistance of the DeWitt County Sheriff’s Office, the Illinois Department of Natural Resources, and the Illinois Secretary of State.

Assistant U.S. Attorney Douglas F. McMeyer is representing the government in the case prosecution, with sentencings for both Gibbs and Wilkey scheduled for September 19, 2024, at 9:00 am in the U.S. Courthouse in Peoria, Illinois, before U.S. District Judge James E. Shadid.

Gibbs and Wilkey used the dealership to defraud customers and lending institutions out of approximately $4.7 million.

Wilkey pleaded guilty to three counts of wire fraud, two counts of bank fraud and one count of aggravated identity theft, and faces up to 122 years in prison, a fine of $3,000,000, or twice the loss to the victims, and up to five years of supervised release upon completion of imprisonment.

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