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Former Anchor Bank senior official charged with wire fraud

Published On: Feb 19 2014 06:10:09 PM CST
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MADISON, Wis. -

A senior official at Anchor BanCorp Wisconsin Inc. was charged Wednesday with six counts of wire fraud for allegedly scheming to defraud an investment company, according to a state Department of Justice release.

David Weimert, 63, of Madison, allegedly devised and participated in a scheme to defraud Investment Directions Inc. and obtain money fraudulently, according to the release. From December 2008 to March 31, 2009, Weimert was working at ABCW as senior vice president in lending administration and as the president of Investment Directions Inc., a subsidiary of ABCW.

The indictment alleges that Weimert fraudulently obtained an ownership interest in Chandler Creek, a joint venture partnership formed to develop an industrial park in Round Creek, Texas, and to obtain a 4 percent commission fee as part of the sale of Chandler Creek.

The indictment also alleges that Weimert falsely represented to his superiors that the Burke Group, a commercial real estate developer in Costa Mesa, Calif., would purchase IDI’s share of Chandler Creek “contingent on Weimert purchasing a minority interest of Chandler Creek as part of the deal, when it was Weimert who desired the minority interest for himself, not the Burke Group.”

As a result of Weimert’s fraudulent misrepresentations, he encouraged the IDI board of directors to accept the Burke Group’s offer to purchase Chandler Creek, along with Weimert receiving a 4.785 percent ownership interest as part of the deal and a 4 percent commission fee to Weimert, totaling $311,680, according to the release.

If convicted, Weimert faces 30 years in federal prison on each count of wire fraud.

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