A local business owner will spend the next 12 years in prison.
The United States District Court sentenced Richard Brunsman Jr., 45, to 12 years for fraudulently obtaining more the $62 million in loans from 18 different federally insured banks.
Brunsman applied for the loans between 2004 and 2010. He claimed the money would be used for one or more of the approximately 20 solely owned businesses he had. Instead he created numerous false documents including false financial statements and other documents for his companies in order to get the loans.
Brunsman's bank records show that he actually used the money to buy a large home in Cincinnati, a waterfront condo in Florida, and a yacht. He also used the money to take numerous trips.
Because he ended up losing so much money from real estate purchases and other investments, banks began to notice signs of fraud in the loans. Brunsman took more loans out from other lenders to pay off the banks.
He pleaded guilty on February 22, to one count of bank fraud.
Brunsman has been ordered to repay the banks $49,742,343.16 in restitution.