Todd Goldbeck, Bankruptcy Perjury, Wisconsin 2023

Todd Goldbeck, 46, of Middleton, Wisconsin, was sentenced to one year and one day in federal prison for committing perjury during a bankruptcy proceeding, the U.S. Attorney’s Office announced. U.S. District Judge William M. Conley handed down the sentence on August 7, following a combined plea and sentencing hearing, and ordered Goldbeck to pay $2,466,550.46 in restitution to Summit Credit Union.

The perjury stemmed from lies Goldbeck told under oath to a bankruptcy trustee after Summit Credit Union secured a $2.5 million civil judgment against him in Dane County Circuit Court. Goldbeck claimed the credit union knew his Jefferson, Wisconsin sports complex was a two-phase project when approving a $2.4 million government-backed loan in 2015. He also denied forging a lease agreement with a regional medical center — both assertions later proven false.

That initial loan, issued jointly by Summit Credit Union and the Small Business Administration (SBA), was predicated on falsified documents, including a fake construction contract and a fabricated lease. The lease purported to show the medical center would rent space in the completed facility — a claim demolished by sworn affidavits from medical center employees who said they never signed any such agreement.

After construction began, Goldbeck sought an additional $2.5 million, claiming the project was always intended to be completed in phases. Summit denied the request when confronted with a revised $5 million cost estimate, and the building was never finished. The credit union moved swiftly to recoup losses, filing suit and winning judgment before Goldbeck attempted to shield assets through bankruptcy.

Judge Conley didn’t mince words at sentencing. He accused Goldbeck of acting out of hubris, orchestrating a scheme to defraud both Summit and the SBA. When it collapsed, Goldbeck didn’t come clean — he doubled down, lying under oath in bankruptcy court in a desperate bid to avoid accountability.

The investigation was led by the SBA’s Office of Inspector General and the FBI, with support from the Office of the U.S. Trustee for the Western District of Wisconsin. Assistant U.S. Attorney Chadwick M. Elgersma prosecuted the case, underscoring federal resolve to crack down on financial lies that bleed institutions and taxpayers dry.

Related Federal Cases