A bank C-E-O who admitted using business funds to race cars has driven himself to prison for two years. A federal judge also ordered 64-year-old Geffrey Sawtelle of Neshkoro in Marquette County to spend two years on federal supervision when he gets out — and to repay 338-thousand dollars to his two minority owners of Farmers Exchange Bank, brothers Rick and Larry Gohlke. Sawtelle was originally charged with 45 counts but he struck a plea deal in July in which he admitted to five charges including bank fraud. Prosecutors said Sawtelle took out loans in other people’s names, gave himself unapproved bonuses, and falsified bank records to cover up purchases of a Corvette, racing gear, and an R-V. Sawtelle won a national division title in the American Auto Sports Association in 2009 and was arrested in March after a police standoff in the Eau Claire area.
Bank CEO Uses Business Funds To Race Cars, Gets Two Years In Prison
Nov 15, 2017 | 12:25 PM
State News