MINNEAPOLIS (WCCO) – A Lakeville man pleaded guilty Wednesday in federal court to swindling more than $1.4 million in loans from multiple banks, the U.S. Department of Justice said.
Kevin A. Dahl, 57, entered his guilty plea before Judge John R. Tunheim. In the agreement, Dahl admitted to submitting false applications and documents for loans between February 2007 and February 2008.
In order to swindle the banks, Dahl misrepresented his assets, claiming he had assets worth more than $9 million.
The banks he swindled were Lake Area Bank, First National Bank of Northfield, Voyager Bank, and Community Banks of Colorado, the department said.
Dahl faces a maximum penalty of 30 years in prison.