Monday, April 30, 2012

Minnesota Man Sentenced For Defrauding Banks Out Of $8 Million

Joseph W. Traxler, 64, of Bloomington, Minnesota, has been sentenced to 5 years in prison for defrauding a bank out of about $8 million.  Traxler was senior vice president and chief financial officer of Centennial Mortgage and Funding, Inc.  From 2007 to 2008, prosecutors alleged that Traxler used funds intended for mortgage loans to cover Centennial's operating losses and to fund the company's payroll and other expenses.  Traxler pleaded guilty in October 2011 to one count of aiding and abetting bank fraud.  Traxler was ordered to pay $5,395,923 in restitution.  After his sentencing, Traxler was fired from his teaching job at Minnesota School of Business
Read the story here and here.

Read the DOJ announcement here.

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