(Source: Laura Lane Herald-Times, Bloomington, Ind. (MCT) — A southern Indiana man indicted this week on federal fraud charges is accused of bilking a former Bloomington-based bank of more than $3 million.
Todd Van Natta, with addresses in Columbus and Seymour, faces allegations that from the spring of 2007 to 2009, he fraudulently obtained bank loans from financial institutions in Monroe, Morgan, Bartholomew, Decatur and Washington counties.
Of the more than $10 million the businessman is suspected of stealing, $3.2 million was in loans from Monroe Bank, which was bought out by Old National Bank in January 2011.
The indictments came after a grand jury reviewed results of an investigation by the FBI and the Internal Revenue Service.
According to a news release from Indiana Attorney General Joe Hogsett, the loans, for large sums of money, were obtained through fake documents. The indictment alleges 35-year-old Van Natta created fraudulent tax returns and other misleading documents that misrepresented his financial status.
Among the loans granted to Van Natta was one for $3.8 million to buy a property in Evansville, $2.1 million for multiple properties in Seymour and $3.1 million for properties in Fort Wayne. He also secured a $100,000 loan to buy a 1970 Cessna airplane he never purchased and more than half a million dollars for a 2007 yacht.
Van Natta was president and manager of Van Natta Asset Management LLC in Seymour, and other related companies. He dealt in commercial and residential real estate projects and was in the aviation business.
Hogsett said the indictments against Van Natta illustrate the state’s drive to undermine white-collar criminals preying on others for financial gain.
“Those in Hoosier communities who continue to seek fortune through schemes, lies and the misfortune of others should be on notice,” Hogsett said in a news release. “This office has absolutely no tolerance for a culture of corruption in Indiana — we will identify you, investigate you and prosecute you with the full power of federal law.”
Van Natta was taken into federal custody and is being held without bond, according to Mary Bippus from the U.S. Attorney’s Office. If convicted, he could face up to 30 years in prison and a $250,000 fine on each of the 10 counts of bank fraud and up to 20 years and a $250,000 fine on each of the three counts of wire fraud against him.
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©2012 the Herald-Times (Bloomington, Ind.)
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Source: Laura Lane Herald-Times, Bloomington, Ind. (MCT)
