Fitchburg man charged with fraud
Christian Peterson could face decades in prison if convicted
MADISON, Wis. — A federal grand jury charged a Fitchburg man with four counts of bank fraud, four counts of making false statements to a financial institution and four counts of money laundering.
Christian Peterson, 42, is accused of taking loans from banks and using all or a portion of each loan and line of credit for gambling or personal expenses. The indictment alleged Peterson claimed certain accounts receivable were loans when they were the result of gambling debts.
If convicted, Peterson could face 30 years in federal prison on each count of bank fraud and false statements. He could face an additional 10 years on each money laundering charge.
An investigation by the Internal Revenue Service and Federal Bureau of Investigation brought about the charges.