Swisshelm Bruce, $5.5 Million Bank Fraud, Missouri 2015

State: Missouri
Category: Fraud &#038; Financial Crimes
Source: <a href="https://www.justice.gov/usao-wdmo/pr/springfield-area-business-owner-son-sentenced-55-million-fraud-scheme" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

Springfield, Missouri – A $5.5 million bank fraud scheme has come to an end as Bruce Swisshelm, a 69-year-old business owner, was sentenced in federal court. Swisshelm was the owner of Horned Frog Deli, Inc., and Swisshelm Properties, Inc., which specialized in the restaurant industry and owned and developed commercial properties in Springfield and elsewhere.

Swisshelm was sentenced to one year and one day in federal prison and ordered to pay $5,492,853 in restitution. The scheme involved submitting false financial documents to Great Southern Bank in order to receive four commercial loans, totaling $5,592,583, from February to June 25, 2011. The bank relied on the false information provided within the financial statements submitted by Swisshelm when it approved the commercial loans.

Swisshelm admitted that he submitted financial statements to the bank that claimed his businesses earned a net income of more than $780,000 in 2010. However, tax documents submitted by Swisshelm to the Internal Revenue Service revealed that his businesses had losses that exceeded $1.8 million in 2010.

Swisshelm’s son, Bruce Swisshelm II, 44, was also involved in the scheme and pleaded guilty to misprision of a felony. He was sentenced to four weeks in custody and five years of probation and ordered to pay $100,000 in restitution.

The cases were prosecuted by Assistant U.S. Attorney Patrick Carney. They were investigated by the FBI and IRS-Criminal Investigation.

This case serves as a reminder of the importance of honesty and transparency in business dealings. Swisshelm’s actions have caused significant financial harm to Great Southern Bank and will have long-lasting consequences for his family and the community.

The sentencing of Bruce Swisshelm and his son is a significant step towards justice. It is a reminder that those who engage in white-collar crime will be held accountable for their actions.

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