Michael E. Kraus, 63, Medford, Wisconsin, has been indicted by a federal grand jury sitting in Madison, Wisconsin, and charged with making false statements to financial institutions concerning the extent of his liabilities.
Kraus with 16 counts of making false statements to financial institutions. If convicted, Kraus faces a maximum penalty on each count of 30 years in federal prison.
The indictment charges that Kraus made false statements to eight separate financial institutions in relation to loans he obtained from those institutions. The indictment further alleges that each false statement involved a document entitled “Individual Financial Statement” in which he falsely stated his total liabilities.
John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced the indictment.
The charges against Kraus are the result of an investigation conducted by the Eau Claire Resident Agency of the Federal Bureau of Investigation. The prosecution of this case has been assigned to Assistant U.S. Attorney Grant C. Johnson.
