A Dubuque man was sentenced Tuesday to probation for conspiring with a local bank vice president to lie about a loan that cost the institution more than $320,000.
Kenneth Moore, 65, was sentenced in U.S. District Court in Cedar Rapids, Iowa, to three years of probation after previously pleading guilty to one count of conspiracy to make a false statement to a financial institution.
Court documents state that the conspiracy occurred from 2007 to 2009 and involved Moore, then a real estate developer, and Dan Raduns, who served as a vice president and lending officer for Fidelity Bank & Trust.
“Evidence showed that the two conspired to lie to the bank about how money the bank was loaning to Moore was being used,” states a press release from the U.S. Attorney’s Office. “Specifically, they lied about using the money to complete a particular construction project when, instead, it was being used elsewhere. Ultimately, the bank lost over $320,000 in loans made on the construction project.”
In addition to probation, Moore was ordered to pay more than $330,000 in restitution to the bank.
Raduns also previously pleaded guilty to conspiracy to make a false statement to a financial institution. He was sentenced in August to three years of probation and ordered to pay about $324,000 in restitution.