Ex-store president faces prison
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The president of a closed Ford dealership in Whitehall, Wis., is scheduled to appear in federal court Oct. 18 to plead guilty to defrauding his store's floorplan lender.
Prosecutors say Daniel Keenan submitted false financial statements to Citizens First Bank. Those statements “falsely indicated” that specific vehicles had been sold but that Keenan Inc. had not received payment. But the dealership in fact had received payment, according to the formal charges.
The bank provided advances of about $256,000 and a $136,587 loan based on those statements.
Assistant U.S. Attorney Grant Johnson said the final amount of restitution will be determined later.
Keenan faces up to 30 years in prison and a $1 million fine.
You can reach Eric Freedman at freedma5@msu.edu.
