FBI Investigating Erpenbeck Company

Allegations of fraud against a local builder attracted the attention of the FBI.

Bill Erpenbeck stands accused of defaulting on millions of dollars in bank loans and business obligations. Employees allegedly deposited $15 million in checks made out to lenders of construction loans into the company's account at Peoples Bank of Northern Kentucky. As a result, an estimated 200 Erpenbeck customers do not hold clear titles to houses and condominiums.

Last month, bank president John Finnan and Marc Menne, executive vice president for commercial loans, both resigned. Erpenbeck also stepped down, prompting his brother, Jeff, to take charge of the fourth largest home building firm in Greater Cincinnati.