ILNews

Man who bilked banks of $10 million sentenced

Dave Stafford
September 12, 2013
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A southern Indiana man who defrauded Indiana banks of more than $10 million by supplying bogus financial information from family members to obtain multi-million-dollar loans for real estate, an airplane and a yacht will spend five years in federal prison.

Todd Van Natta of Seymour and Columbus also was ordered to pay almost $7 million in restitution after he pleaded guilty to 10 counts of bank fraud and two counts of tax fraud. U.S. District Judge William T. Lawrence of the Southern District of Indiana imposed sentence Thursday.

Van Natta was the president and manager of the Seymour-based Van Natta Asset Management, LLC, along with a variety of related companies, according to a statement from the office of Joe Hogsett, U.S. attorney for the Southern District. Van Natta’s company was involved in commercial and residential real estate projects, as well as the aviation business.

Van Natta was accused in July of devising a scheme to defraud financial institutions from 2007 to 2009, obtaining large sums of money by preparing and submitting numerous false documents to banks throughout central and southern Indiana, including local financial institutions headquartered in Bartholomew, Decatur, Washington, Morgan and Monroe counties.

The documents included tax returns and were used to obtain loans, including two loans of more than $3 million for property in Evansville and multiple parcels in Fort Wayne, as well as a $2.1 million bank note for properties in Seymour. He also got bogus six-figure loans to buy a 1970 Cessna Aircraft and a 2007 Fantasy yacht, according to Hogsett’s office.

Van Natta also defrauded a Utah resident of thousands of dollars by falsely claiming he owned an airplane listed for sale.

The government has moved to seize Van Natta’s assets gained by criminal activity. Senior litigation counsel Steven D. DeBrota and Assistant U.S. Attorney MaryAnn Mindrum prosecuted the case that resulted from an investigation that included the FBI and Internal Revenue Service.  
 

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  1. Frankly, it is tragic that you are even considering going to an expensive, unaccredited "law school." It is extremely difficult to get a job with a degree from a real school. If you are going to make the investment of time, money, and tears into law school, it should not be to a place that won't actually enable you to practice law when you graduate.

  2. As a lawyer who grew up in Fort Wayne (but went to a real law school), it is not that hard to find a mentor in the legal community without your school's assistance. One does not need to pay tens of thousands of dollars to go to an unaccredited legal diploma mill to get a mentor. Having a mentor means precisely nothing if you cannot get a job upon graduation, and considering that the legal job market is utterly terrible, these students from Indiana Tech are going to be adrift after graduation.

  3. 700,000 to 800,000 Americans are arrested for marijuana possession each year in the US. Do we need a new justice center if we decriminalize marijuana by having the City Council enact a $100 fine for marijuana possession and have the money go towards road repair?

  4. I am sorry to hear this.

  5. I tried a case in Judge Barker's court many years ago and I recall it vividly as a highlight of my career. I don't get in federal court very often but found myself back there again last Summer. We had both aged a bit but I must say she was just as I had remembered her. Authoritative, organized and yes, human ...with a good sense of humor. I also appreciated that even though we were dealing with difficult criminal cases, she treated my clients with dignity and understanding. My clients certainly respected her. Thanks for this nice article. Congratulations to Judge Barker for reaching another milestone in a remarkable career.

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