CL farmer pleads guilty to loan fraud
Wednesday, 05 October 2011 10:53
Olk convicted of using fraudulent grain receipts
A Clear Lake man who made false statements to obtain loans from a bank pled guilty Thursday in federal court in Cedar Rapids.
Michael Dean Olk, 56, was convicted of using fraudulent grain receipts as collateral for two bank loans.
At the plea hearing, Olk admitted he pledged grain he did not own in order to obtain two bank loans.
Olk used fraudulent warehouse receipts from his grain elevator company to deceive the bank. The warehouse receipts falsely represented Olk delivered grain to his elevator on Jan. 14, 2003 and Feb. 10, 2003. In fact, Olk had not made these grain deliveries, and did not own the grain shown on the receipts.
Sentencing before United States District Court Chief Judge Linda R. Reade will be set after a presentence report is prepared. Olk remains free on bond previously set pending sentencing.
Olk faces a sentence of not - Read More Via e-Edition