UPDATE: Former Wisconsin mayor pleads guilty to bank fraud

Local News

(Nexstar DC photo)

FRIDAY 3/26/2021 7:16 a.m.

COLUMBUS, Wis. (AP) — The former mayor of Columbus has pleaded guilty to bank fraud charges in federal court.

Michael Eisenga was accused of fraudulently obtaining a nearly $7 million loan for a grocery store development in Columbus.

Eisenga told a federal judge Thursday that he created a fake lease between a third-party grocery chain and the LLC that owned the grocery store building and used that to obtain the loan from Alliant Credit Union.

Alliant told investigators it would not have issued the loan to Eisenga without the lease and the guarantee. Eisenga faces a maximum sentence of 30 years in prison and a $1 million fine.

ORIGINAL: Former Wisconsin mayor to plead guilty to bank fraud

THURSDAY 2/18/2021 6:27 a.m.

COLUMBUS, Wis. (AP) — The former mayor of Columbus has agreed to plead guilty to a federal bank fraud charge.

Michael Eisenga was accused of using fraudulent documents to get a loan for a building in Columbus that he falsely told the lender was under a long-term lease.

The 49-year-old former mayor has signed an agreement in which he will plead guilty to fraud, a charge that carries up to 30 years in prison and a $1 million fine.

The agreement requires Eisenga to forfeit nearly $7 million, the amount he received in a loan from Alliant Credit Union of Rolling Meadows, Illinois.

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