Wyatt Rasmussen, Bank Fraud, South Dakota 2013

Fort Pierre Man Sentenced For Bank Fraud

A Fort Pierre, South Dakota, man has been sentenced to 33 months in custody for bank fraud, according to the U.S. Attorney's Office. Wyatt Rasmussen, 40, was convicted of the crime and sentenced by U.S. District Judge Karen E. Schreier on December 12, 2013.

Rasmussen was accused of applying for a business line of credit from Dakotaland Federal Credit Union in Huron, South Dakota, using fraudulent documents that grossly overstated and misrepresented his income. He received the line of credit and used the funds for his own personal purposes, resulting in a loss of $238,969.59 for the bank.

The case was investigated by the Federal Bureau of Investigation, with Assistant U.S. Attorney Ann M. Hoffman prosecuting the case. Rasmussen was indicted for bank fraud by a federal grand jury on May 8, 2013, and pleaded guilty on August 1, 2013.

As part of his sentence, Rasmussen was ordered to make restitution of $238,969.59 and undergo 3 years of supervised release following his custody. He was immediately turned over to the custody of the U.S. Marshals Service.

Bank fraud is a serious crime that can have devastating consequences for individuals and businesses alike. In this case, Rasmussen's actions resulted in a significant loss for the bank and demonstrates the importance of holding individuals accountable for their actions.

The case serves as a reminder of the importance of due diligence and verification when it comes to financial transactions. It is essential for individuals and businesses to take the necessary steps to protect themselves from financial crimes like bank fraud.

Source: https://www.justice.gov/usao-sd/pr/ft-pierre-man-sentenced-bank-fraud