Kevin A. Dahl, 57, Lakeville, Minnesota, pleaded guilty to obtaining fraudulently more than $1.4 million in loans from four different banks.
The defendant pleaded guilty to one count of bank fraud in connection to this crime. Dahl, who was charged on July 10, 2012, entered his plea before United States District Court Judge John R. Tunheim.
In his plea agreement, Dahl admitted that from February 6, 2007, through February 1, 2008, he submitted false applications and supporting documents for loans he sought from various banks. In the applications, he specifically overstated his assets, representing that he had assets worth more than $9 million, when that was not the case. Because of his fraudulent representations, Dahl obtained more than $1.4 million in total from Lake Area Bank, First National Bank of Northfield, Voyager Bank, and Community Banks of Colorado.
For his crime, Dahl faces a potential maximum penalty of 30 years in prison. Judge Tunheim will determine his sentence at a future hearing, yet to be scheduled. This case is the result of an investigation by the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorneys Robert M. Lewis and Kimberly A. Svendsen.