A former executive of Anchor Bancorp Wisconsin (ABCW) in Madison has been charged with six counts of wire fraud, the U.S. attorneys office in Madison said Wednesday.
David Weimert, 63, was Anchors senior vice president of lending administration and president of its Investment Directions subsidiary. Weimert allegedly lied to his supervisors between December 2008 and March 2009 to persuade them to sell their stake in the industrial park development partnership Chandler Creek, according to the indictment.
Investment Directions owned 50% of Chandler Creek at the time. The other 50% was owned by a California commercial real estate developer, The Burke Real Estate Group.
Weimert made material misrepresentations and omissions in order to persuade the board of Investment Directions to accept the Burke Groups offer to purchase its stake in Chandler Creek, according to the indictment. For example, he allegedly told the board that the offer was contingent on his personally purchasing a minority interest in Chandler Creek. The Burke Group made no such requirement, according to the indictment.
He received a 4.79% ownership interest in Chandler Creek as well as a $311,680 commission, the indictment says.
Weimert faces up to 30 years in federal prison for each count of wire fraud, according to the press release. The six counts relate to five emails and a money transfer that were tied to the scheme, according to the indictment.