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Businessman found guilty of bank fraud

MADISON, Wis. (AP) — A Madison area businessman accused of lying to banks in order to get loans has been convicted of money laundering, bank fraud and theft from an employee retirement fund.

Forty-five-year-old Christian Peterson has been found guilty of eight of the 13 charges against him in U.S. District Court in Madison. Prosecutors say Peterson used the loans for personal expenses and gambling. They say Peterson took $30,000 from the employee retirement fund of his scrap foam business to pay alimony to his ex-wife.

Peterson claimed none of the transactions in question were illegal. His defense attorney argued that Peterson never deliberately made false statements to obtain the loans, which were used for legitimate purposes.

The State Journal says Peterson owns the Pancake Cafe in Fitchburg, among other investments.

Information from: Wisconsin State Journal, http://www.madison.com/wsj

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