CEDAR RAPIDS – A businessman who made a false statement to a bank in order to obtain a loan pled guilty Thursday in federal court in Cedar Rapids.
Marvin Redenius, age 49, from Belmond, Iowa, was convicted of one count of making a false statement to a financial institution.
At the plea hearing, Redenius admitted that, on November 10, 2006, he lied to the financial institution, claiming the purpose of the loan was for the purchase of farm equipment when, in fact, Redenius used the proceeds of the loan to purchase stock in a company.
Sentencing before United States District Court Chief Judge Linda R. Reade will be set after a presentence report is prepared. Redenius remains free on bond previously set. Redenius faces a possible maximum sentence of 30 years’ imprisonment, a $1 million fine, $100 in special assessments, and five years of supervised release following any imprisonment.
The case is being prosecuted by Assistant United States Attorney C.J. Williams and was investigated by the Internal Revenue Service and the Federal Bureau of Investigation.