COLUMBUS, Wis. (AP) — The former mayor of Columbus has agreed to plead guilty to a federal bank fraud charge.
Michael Eisenga was accused of using fraudulent documents to get a loan for a building in Columbus that he falsely told the lender was under a long-term lease.
The 49-year-old former mayor has signed an agreement in which he will plead guilty to fraud, a charge that carries up to 30 years in prison and a $1 million fine.
Prosecutors have agreed to recommend that Eisenga get the maximum available reduction in his sentence in return for the guilty plea, the State Journal reported.
The agreement requires Eisenga to forfeit nearly $7 million, the amount he received in a loan from Alliant Credit Union of Rolling Meadows, Illinois. Eisenga wanted to buy a commercial property in Columbus that included a grocery store he claimed was under a 20-year lease agreement.
No plea hearing has been scheduled.