An Indiana man was sentenced to spend five years in federal prison and pay almost $7 million in restitution Thursday after pleading guilty to defrauding local banks of over $10 million.
Todd Van Natta, the former president of an asset management company, committed fraud against five Indiana lenders between 2007 and 2009, according to prosecutors. By submitting false financial documents to Mid-Southern Savings Bank, Monroe Bank, Citizens Bank, MainSource Bank and Centra Credit Union, he was able to obtain loans ranging from $30,000 to $3.8 million.
"This criminal scheme was fueled by greed and left behind a trail of victims across the Hoosier State," U.S. Attorney Joseph Hogsett said in a press release Thursday. "As Mr. Van Natta learned today, embracing such a culture of corruption doesn't pay. You will be caught, and you will be brought to justice."
Van Natta was sentenced for 10 counts of bank fraud, three counts of wire fraud, and two counts of tax fraud in the U.S. District Court in Indianapolis.