Ankeny Man Sentenced to Three Years’ Imprisonment for Bankruptcy Fraud

DES MOINES, Iowa – An Ankeny man was sentenced yesterday, December 18, 2025, to three years’ imprisonment for making false declarations in a bankruptcy proceeding.

According to public court documents and evidence presented at sentencing, Louis Grant Peterson, also known as “Chip Peterson,” 61, was the former owner of Legacy Siding and Windows, an exterior construction company based in Ankeny. While operating that company, Peterson engaged in a pattern of taking customer deposits—hundreds of thousands of dollars’ worth—and not completing work as promised. Peterson later admitted to the FBI that he spent the victims’ money on “gambling” and “irresponsible spending.” Peterson had been criminally prosecuted for similar conduct in the past, including a 2024 conviction for theft in the Iowa District Court for Woodbury County in which Peterson received a more than $50,000 down payment and then failed to complete the work.

After accumulating nearly $1 million in unsecured debt, Peterson filed for bankruptcy. In those bankruptcy proceedings, Peterson lied about his employment, businesses, income, bank accounts, tools, equipment, electronics, and jewelry, among other things. Peterson later admitted to the FBI that he had “no idea” where he got the numbers he claimed as income. Peterson further admitted that he had not paid taxes for several years.

Even after being federally indicted, Peterson accepted a $17,000 deposit for a window installation that he never completed. He eventually paid the money back after the victims filed a complaint with the Iowa Attorney General’s Office.

United States Attorney David C. Waterman of the Southern District of Iowa made the announcement. The Federal Bureau of Investigation investigated the case with assistance from the Office of the United States Trustee.

Assistant United States Attorney Joseph Lubben prosecuted the case.

If you or someone you know has been targeted by a scam, contact the Iowa Attorney General’s office at 1-888-777-4590 or file a complaint online: https://www.iowaattorneygeneral.gov/for-consumers/file-a-consumer-complaint.

You can also report fraud complaints to your local FBI field office by calling 1‑800-CALL-FBI (1-800-225-5324), or visiting https://www.fbi.gov/how-we-can-help-you/scams-and-safety.