Lakeville Man Charged With Swindling $1.4 Million
MINNEAPOLIS—Late yesterday in federal court, a 57-year-old Lakeville man was charged with fraudulently obtaining more than $1.4 million in loans from four different banks. Kevin A. Dahl was charged via an Information with one count of bank fraud in connection to this crime.
The charging document states that from February 6, 2007, through February 1, 2008, Dahl submitted false applications and supporting documents for loans he sought from various banks. In the applications, he specifically overstated his assets, representing that he had assets worth more than $9 million, when that was not the case. Because of his fraudulent representations, Dahl obtained more than $1.4 million in total from Lake Area Bank, First National Bank of Northfield, Voyager Bank, and Community Banks of Colorado.
If convicted, Dahl faces a potential maximum penalty of 30 years in prison. All sentences will be determined by a federal district court judge. This case is the result of an investigation by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Robert M. Lewis.
A defendant, of course, is presumed innocent until he or she pleads guilty or is proven guilty at trial.