Ill. Manufacturing Execs Plead Guilty To Loan Fraud
PEORIA, Ill. (AP) — Three people who pleaded guilty earlier this year to fraudulently borrowing $213 million from 85 lenders for a now-bankrupt Bloomington, Ill. company have been sentenced to prison.
Former Wildwood Industries plant manager Dominic F. Propersi of Bloomington was sentenced to seven years in federal prison for conspiracy to commit money laundering. U.S. District Judge Michael M. Mihm on Thursday also sentenced former accounts payable clerk Kimberly J. Hill, also of Bloomington, to 40 months for conspiracy to commit fraud.
Accountant Doyle F. Fry of Stockton, Mo. received 180 days of intermittent confinement at a Missouri halfway house, and a year of home confinement, for conspiracy.
Propersi admitted telling lenders he planned to lease equipment for the lawn bag-maker.
Hill signed off on fake lease documents. Frye created false financial statements.