Broker Allegedly Steals Loan Funds

Allison Tussey —  June 6, 2011 — 1 Comment

John Edward Pitlick, 44, Shoreview, Minnesota, appeared before Chief U.S. District Judge Karen E. Schreier on June 2, 2011, and pled guilty to the indictment that charged him with mail fraud. The maximum penalty upon conviction is 20 years in prison and/or a $250,000 fine.

Starting in April 2007, Pitlick represented that he would broker a loan from one South Dakota farming family to another South Dakota farming family. In reliance upon this representation, his victims transferred a total of $300,000 to Pitlick‘s business. Pitlick received the funds, but no loan was ever made. The funds were actually used by Pitlick for his own personal gain.

The investigation was conducted by FBI. The case is being prosecuted by Assistant U.S. Attorney Kevin Koliner.

A presentence investigation was ordered, and a sentencing date was set for August 26. The defendant was released on bond pending sentencing.

U.S. Attorney Brendan V. Johnson announced the guilty plea. 

Allison Tussey

Posts Google+

One response to Broker Allegedly Steals Loan Funds

  1. Good to know that misdeeds don’t go unnoticed!

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>