A federal jury on Friday convicted a former bank executive of five counts of wire fraud, according to a news release.
David Weimert, 64, of Madison, is scheduled to be sentenced June 16. He faces a maximum of 20 years in prison for each count.
A grand jury had indicted Weimert for six counts of wire fraud on Feb. 14. The charges stemmed from a deal he arranged while he was a senior vice president at Anchor BanCorp Wisconsin Inc. and president of Investment Directions Inc., a subsidiary of Anchor bank, from December 2008 to March 31, 2009.
According to the release, Weimart persuaded Investment Direction’s board of directors to accept a real estate developer’s offer on Chandler Creek, a joint venture formed to develop an industrial park in Round Rock, Texas. He claimed that one of the conditions of the deal was that the developer wanted Weimert to purchase a minority interest in Chandler Creek.
Weimert, in fact, wanted the minority interest for himself. Weimart received nearly 4.8 percent ownership interest as part of the deal and a 4 percent commission fee, totaling $311, 680.