Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
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Ex-Tax Preparer Charged in Mortgage Scam
Posted on January 28th, 2011 No commentsA former Sun Prairie tax preparer who took part in a mortgage scam with a real estate agent and a bank loan officer was sentenced to 5½ years in federal prison. The three took advantage of a Park Bank program that allowed mortgage borrowers to apply for loans using an Individual Taxpayer Identification Number instead of a Social Security number, the Wisconsin State Journal reported. -
Florida Woman Charged With ID Theft
Posted on January 25th, 2011 No commentsA Florida woman who allegedly drove around to Milwaukee-area Well Fargo branches withdrawing money from another person’s account has been charged with two felony counts of ID theft. She was arrested after attempting to withdraw money using a stolen ID, which a teller recognized as belonging to a customer who had reported that her purse had been stolen. The woman and her accomplices had already withdrawn $7,000 from the customer’s account, WauwatosaNOW.com reported. -
Identity Theft Suspect Arrested
Posted on January 21st, 2011 No commentsA Sheboygan man who allegedly stole money from a neighbor could be headed to prison. Ryan Douglas, 21, of Sheboygan Falls was formally charged with identity theft in Sheboygan County Court after allegedly stealing checks from his landlord’s checkbook, making the checks out to himself and cashing them at his bank, WHBL-AM in Sheboygan reported. -
Ex-Branch Manager Guilty of Theft
Posted on January 20th, 2011 No commentsThe former assistant branch manager of a Sun Prairie bank pleaded guilty to stealing nearly $228,000 from a customer’s account and using much of it to support a drug habit, the Wisconsin State Journal reported. -
Counterfeit $100s Turn Up in Madison Area
Posted on January 11th, 2011 No commentsWells Fargo Bank in Middleton notified police that a man tried making a deposit that included 37 counterfeit $100 bills. The bills all had similar serial numbers, and an additional 20 counterfeit bills had been deposited by the same person at another Madison-area Wells Fargo branch, according to Channel3000.com. -
Manson Insurance Investigation Continues
Posted on January 10th, 2011 No commentsThe FBI is continuing to investigate former Manson Insurance executives for federal insurance embezzlement, mail fraud and bank fraud. No charges have been filed, but according to FBI records, suspects include former Manson Insurance owner David Scholfield and the agency’s former president, Tim Mathwich. River Valley Bank in Wausau bought Manson’s customer list in April 2009 and changed the name of the company in late 2010 to River Valley Insurance. Read the Wausau Daily Herald article. -
Ex-Banker Pleads Guity to Embezzling
Posted on December 17th, 2010 No commentsA Menomonie, Wis., woman pleaded guilty in U.S. District Court embezzling approximately $28,000 from her former employer, Bremer Bank in Eau Galle, Wis., WQOW-Channel 18 news in Eau Claire reported. -
Tomah Man Sentenced for Bank Fraud
Posted on December 13th, 2010 No commentsA Tomah man who previously pleaded guilty to bank fraud has been sentenced in federal court to 21 months in prison and ordered to repay his former business partner. Dennis J. Deeny, 58, a minority owner of Affordable Homes, previously pleaded guilty to bank fraud after he failed to repay sales proceeds to Farmers & Merchants Bank of Tomah, which had financed the business’ inventory, according to the Tomah Journal. -
Federal Lawsuit Filed Against Fiserv
Posted on December 7th, 2010 No commentsIn a federal lawsuit, a New York couple contends they lost $800,000 in retirement savings to a scheme operated by fund manager Daniel Spitzer and his affiliates, and a North Carolina man says he lost at least $480,000 to the Spitzer operation. The lawsuit, filed recently in New York, alleges Fiserv was the trustee of their accounts and breached its duties by failing to safeguard investor assets, the Milwaukee Journal Sentinel reported. -
Ex-Loan Officer Sentenced for Fraud
Posted on November 24th, 2010 No commentsA former loan officer at Park Bank in Madison who took part in a scheme to issue fraudulent mortgages was sentenced to three months in federal prison. The employee worked with a former real estate agent and tax preparer to issue dozens of mortgages totaling $8 million to people who otherwise would not have qualified, the Wisconsin State Journal reported.