A former northeast Iowa bank executive who claimed to be a victim of his own soft-heartedness was sentenced Thursday to 18 months in prison for falsifying loan documents that cost his employer more than $6 million.
Bradley Schlotfeldt, 59, of Cedar Falls, was a vice president for U.S. Bank in Monona until he was fired in 2017. Federal prosecutors charged him in February with providing false statements to a financial institution, and he pleaded guilty in March.
According to court filings, bank officials first investigated a “Young Farmer” loan that Schlotfeldt approved to the son of a longtime client, despite knowing the recipient was not a farmer. The funds were not repaid, and the bank lost more than $575,000 on the loan.
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