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ROCKWELL CITY -- A Rockwell City man has pleaded guilty to a federal money laundering charge in a case that involved about $22 million, prosecutors reported.
According to the U.S. Attorney's Office for the Northern District of Iowa, Curtis Weston, 35, pleaded guilty to one count of money laundering.
Prosecutors reported that Weston and another individual transferred $21,992,037 in fraudulently obtained loan funds. They said an employee of a bank, which was not named, transferred the funds from the bank's general ledger into Weston's bank account.
The prosecutors said that at the sentencing hearing they intend to show that the money was transferred from Weston's bank account to an account in his name at an online brokerage.The sentencing hearing will be scheduled after a presentence report is completed.
Weston remains free on bond.
The case was investigated by the Federal Deposit Insurance Corp. Office of Inspector General and the Sac County Sheriff's Office.