A former Cedar Falls banker is going to prison for falsifying loan documents, according to the Waterloo Cedar Falls Courier. 59 year old Bradley Schlotfeldt was a vice president and lending officer at US Bank when a family that farmed near Monona approached him about a loan. They had exhausted all lines of credit but wanted work done on their home and to pay other expenses. Schlotfeldt approved a series of “young farmer” loans for the stepson, knowing that he was not invovled in the farming operation. The money went to another person and was never used for what it was intended and was never paid back. The bank lost more than $575,000. Schlotfeldt was subsequently fired and his previous loans were reviewed. They found 13 other loans that were backed with false documents or that violated bank policy. Schlotfeldt made it appear others had signed documents, inflated numbers, and bypassed supervisors who would have noticed the false figures. He will spend a year and a half in prison and must pay $3 million in restitution.
