Fitchburg man convicted of bank fraud scheme - WKOW 27: Madison, WI Breaking News, Weather and Sports

Fitchburg man convicted of bank fraud scheme

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MADISON (WKOW) -- A Fitchburg man was convicted Thursday of a bank fraud scheme.
  
44-year-old Christian Peterson was found guilty of three counts of bank fraud, two counts of making false statements, two counts of money laundering, and one count of theft from an employee benefit plan. He was acquitted of five other counts.

Evidence at trial showed that Peterson misrepresented to banks that loans and a business line of credit were intended for a legitimate business purpose. He was actually using all or a portion of each loan and line of credit to gamble at casinos and for personal expenses.

Peterson faces a maximum penalty of 30 years in federal prison on each of the bank fraud counts, 30 years on each of the false statement counts, 20 years on each money laundering count, and 5 years from the theft of the employee benefit plan.

U.S. District Judge Barbara B. Crabb scheduled sentencing for August 20, 2014.

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