Post by Logan on Jun 28, 2016 5:17:25 GMT -6
Former Waterloo farm supplier faces charges in $1M bank fraud scheme
A Waterloo agricultural supplier, who has been a fugitive since 2012 on federal bank fraud charges, was recently extradited from Brazil to Iowa.
Kelly Freese, 52, formerly of Waterloo, was charged June 21 with four counts of bank fraud and one count of making false statements to a bank. He was indicted in November 2012 but never arrested until earlier this year, according to court documents.
Assistant U.S. Attorney Steve Young said Freese was living with his family in Brazil and was arrested some months ago, but fought extradition to Iowa. He was returned to Cedar Rapids June 18. Young said he couldn’t provide further details of the arrest.
Freese is accused of borrowing over $1 million from Lincoln Savings Bank in Cedar Falls for his business, Christy Corp., in 1998. From 2003 to 2005 he began selling the collateral assets, along with inflating the company’s accounts receivables used to secure the loan, the indictment shows. By January 2005, Freese borrowed $1,035,687 from the bank.
Read more: www.thegazette.com/subject/news/public-safety/former-waterloo-farm-supplier-faces-charges-in-bank-fraud-scheme-20160627
A Waterloo agricultural supplier, who has been a fugitive since 2012 on federal bank fraud charges, was recently extradited from Brazil to Iowa.
Kelly Freese, 52, formerly of Waterloo, was charged June 21 with four counts of bank fraud and one count of making false statements to a bank. He was indicted in November 2012 but never arrested until earlier this year, according to court documents.
Assistant U.S. Attorney Steve Young said Freese was living with his family in Brazil and was arrested some months ago, but fought extradition to Iowa. He was returned to Cedar Rapids June 18. Young said he couldn’t provide further details of the arrest.
Freese is accused of borrowing over $1 million from Lincoln Savings Bank in Cedar Falls for his business, Christy Corp., in 1998. From 2003 to 2005 he began selling the collateral assets, along with inflating the company’s accounts receivables used to secure the loan, the indictment shows. By January 2005, Freese borrowed $1,035,687 from the bank.
Read more: www.thegazette.com/subject/news/public-safety/former-waterloo-farm-supplier-faces-charges-in-bank-fraud-scheme-20160627