Middleton man sentenced to prison, to pay $2.4M restitution on perjury conviction
MADISON, Wis. — A Middleton man was sentenced to prison and ordered to pay more than $2 million in restitution on a perjury charge, officials said.
The office of U.S. Attorney for the Western District of Wisconsin Scott C. Blader said Monday that 46-year-old Todd Goldbeck was was sentenced by Judge William Conley to one year and one day in federal prison for committing perjury during a bankruptcy proceeding.
Conley also ordered Goldbeck to pay $2,466,550.46 in restitution to Summit Credit Union. Goldbeck pleaded guilty to the charge during a combined plea and sentencing hearing on Friday, Blader’s office said.
According to a news release, in 2015, Goldbeck received a $2.4 million government-backed loan from Summit Credit Union and the Small Business Administration to build a sports complex in Jefferson. Summit and SBA approved the loan based on documents Goldbeck submitted, including a construction contract that estimated the total cost of the building at approximately $2.5 million and a signed lease agreement between Goldbeck and a regional medical center showing the medical center agreed to rent a portion of the completed building.
After construction began, Goldbeck contacted Summit and requested an additional $2.5 million to finish the project. Goldbeck claimed Summit knew the sports complex was a two-phase project. Goldbeck supported his request with a second construction contract estimating the total cost of the project at approximately $5 million. The new loan was not approved, and Goldbeck never completed the building.
Summit filed a civil suit against Goldbeck in Dane County Circuit Court and obtained a money judgment in the amount of approximately $2.5 million, according to the release. After the judgment, Goldbeck filed a bankruptcy petition in the Western District of Wisconsin. During the proceedings, Goldbeck was under oath when he told the bankruptcy trustee that Summit knew the building was a two-phase project when they closed the loan. Goldbeck also told the bankruptcy trustee that he didn’t forge the lease with the medical center.
During the course of the criminal investigation, law enforcement officials obtained documents and emails showing Goldbeck intentionally misrepresented the cost and scope of the project. In addition, law enforcement officials received sworn affidavits from employees at the medical center stating they never signed a lease agreement.
Blader’s office said that during sentencing, Conley told Goldbeck that his hubris fueled his scheme to defraud Summit and the SBA. When the scheme failed, Goldbeck “doubled-down” and lied to the bankruptcy trustee.
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