BISMARCK – United States Attorney Mac Schneider declared that on February 15, 2023, U.S. District Court docket Decide Daniel M. Traynor sentenced Brady Daniel Torgerson, age 35, from Beulah, North Dakota, to serve 24 months in federal jail, three yrs of supervised release, and $200.00 unique evaluation. On November 4, 2022, legislation enforcement arrested Torgerson for these offenses and, on August 12, 2022, Torgerson pleaded responsible to two individual counts of financial institution fraud in opposition to monetary institutions located in Beulah, North Dakota, specifically, To start with Safety Bank-West and the Union Lender.
Involving 2019 and 2021, though used at independent moments as the President of To start with Protection Financial institution-West and as a financial loan officer at the Union Lender, Torgerson performed banking transactions, which triggered harm to both equally these financial institutions and the banks’ unique buyers. Exclusively, although employed at Initially Security Financial institution-West, Torgerson funded loans without having obtaining: 1) important money details 2) protection interest files or 3) promissory notes. Furthermore, Torgerson engaged in deceptive banking transactions by getting into false data into the bank’s personal computer system, raising financial loans so that they exceeded the unique personal loan amounts, and extending personal loan maturity dates to conceal his routines. Most notably, although utilized at the Union Bank, Torgerson produced fraudulent bank loan obligations in the quantities of $225,487.44 and
$225,487.45 in the names of a few individual persons who neither realized about the generation of these loans nor received the money described in these obligations.
“Bank fraud is a significant crime that harms the genuine money establishments we have in North Dakota,” US Legal professional Mac Schneider explained. “This sentence is a credit rating to the skillful efforts of our career prosecutors and partners in law enforcement. It is also a reminder that there is a substantial price to pay for white-collar criminal offense.”
“The Federal Deposit Insurance policies Corporation-Business of Inspector Basic (FDIC-OIG) proceeds to investigate allegations of fraud by lender executives and many others in purchase to protect the integrity of the banking technique,” stated Justin Bundy, Exclusive Agent in Demand of the FDIC-OIG Kansas Town Regional Workplace. “We are happy to have joined the United States Attorney’s Office for the District of North Dakota, as well as our regulation enforcement partners in conducting this investigation.”
“We are committed to investigating allegations of fraud fully commited against the Federal Dwelling Personal loan Banking institutions or their customers, in particular in instances the place we locate flagrant criminal carry out by officials at member banking institutions,” said Catherine Huber, Unique Agent in Charge of the Federal Housing Finance Agency-Business of Inspector General’s (FHFA-OIG) Central Region Workplace. “Thank you to the U.S. Attorney’s Business for the District of North Dakota and our federal companions for supporting us deliver swift justice in this situation.”
Co-Defendants for this investigation received the adhering to sentences:
• Brent D. Torgerson (61 a long time previous from Beulah, ND) obtained a sentence of time served (1 working day in custody), 1-12 months supervised launch, $5,000 great, and a ban from collaborating in banking on a charge of Misapplication of Financial institution Cash
• Kelly Huffman (34 a long time old, from Beulah, ND) obtained a sentence of time served (1 day in custody), 1-yr supervised launch, and a $5,000 high-quality on a cost of Misapplication of Lender Money
• Tyler Steven Hofland (35 many years outdated, Fast Metropolis, SD) been given a sentence of time served (1 working day of processing), 1-year of supervised release, and $98,163.40 in restitution on a charge of Aiding and Abetting Lender Fraud
This circumstance was investigated by the FDIC-OIG, the FHFA-OIG, and the Federal Reserve Board-Business office of Inspector General and prosecuted by Assistant U.S. Attorney Jonathan J. O’Konek.
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