Four sentenced for bank fraud in ND

FARGO, N.D. (Valley Information Reside) – One man will spend two years in jail and three others are going through probation after a financial institution fraud scheme in North Dakota.

The U.S. Legal professional for the state of North Dakota says between 2019 and 2021, 35-year-old Brady Torgerson took out faux loans totaling greater than $500,000.

It occurred whereas Torgerson was the president of First Safety Financial institution in Beulah, ND and a mortgage officer at Union Financial institution additionally in Beulah.

The court docket says Torgerson funded loans with out getting the mandatory monetary data, safety curiosity paperwork and promissory notes. Paperwork say he additionally engaged in misleading banking transactions by getting into faux data within the financial institution’s laptop system to extend mortgage quantities and lengthen the due date.

The U.S. Legal professional says Torgerson made faux loans totaling $225,478.44 at Union Financial institution, and took out $225,487.45 within the names of three separate individuals who had no clue the loans had been made of their names.

Torgerson is sentenced to 4 months in federal jail, three years supervised launch and a $200 effective.

Three different folks had been co-defendants within the case and acquired the sentences as follows:

61-year-old Brent Torgerson from Beulah, ND served at some point in custody, one yr supervised launch, and $5,000 in fines.

34-year-old Kelly Huffman from Beulah, ND served at some point in custody, one yr supervised launch, and a $5,000 effective.

35-year-old Tyler Hofland of Fast Metropolis, SD served at some point in custody, one yr supervised launch, and $98,163.40 effective in restitution.

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