SIOUX FALLS CON MAN GETS 21 MONTHS FOR FALSE STATEMENT TO BANK

SIOUX FALLS, SD – In a move that’s music to the ears of law-abiding business owners, a Sioux Falls man has been sentenced to 21 months in federal prison for making a false statement to a financial institution.

U.S. District Judge Karen E. Schreier handed down the sentence on April 15, 2024, to 53-year-old James Bunker, who did business as Genuine Builders, Inc.

Bunker was convicted of making a false statement to American Bank and Trust in connection with an application and loan under the Paycheck Protection Program. He knowingly falsified financial records to qualify for a second draw loan, which he then used to obtain $1,318,023.00.

According to court documents, Bunker worked with an employee to move certain invoices from quarter four of 2020 into quarter three, in order to artificially reduce his company’s revenue for the quarter. This allowed him to claim a 25% revenue reduction, which was a requirement for the loan.

Bunker has also agreed to repay loans to First State Bank and the U.S. Small Business Administration, and to forfeit $20,000 in U.S. currency and properties in Sioux Falls.

The case was investigated by the FBI, the IRS, and the U.S. Attorney’s Office, with Assistant U.S. Attorney Ann M. Hoffman prosecuting the case.

“This sentence sends a strong message that if you lie and cheat to gain access to government funds, you will be held accountable,” said IRS Criminal Investigation (CI) Special Agent in Charge Thomas F. Murdock. “We are committed to investigating pandemic fraud cases to bring those who misused the programs to justice.”

Bunker was allowed to self-report at a future date.