Former LeClaire man sentenced to one month for bank fraud


Share
Originally Posted Online: Nov. 16, 2012, 6:48 pm
Last Updated: Nov. 17, 2012, 12:08 am
Comment on this story | Print this story | Email this story

Walter R. Zimmerer, III, 70, formerly owner of Zimmerer Custom Homes in LeClaire, was sentenced Friday to one month in jail and 12 months of home confinement after previously pleading guilty to nine counts of bank fraud.

Mr. Zimmerer, now of Colts Neck, N.J., was sentenced by U.S. District Judge Stephanie M. Rose, according to a news release.

Mr. Zimmerer also was ordered to serve two years of supervised release following the home confinement, pay $379,533 in restitution to his victims and a$900 special assessment to the crime victim fund.

In 2007 and 2008, Mr. Zimmerer took out loans from Northwest Bank & Trust Company and
Great River Bank & Trust to build homes in Bettendorf and LeClaire, according to the release.

The loans were on a draw system, so he could draw funds on the loans at various stages of the construction process provided he proved he was current on payments to subcontractors.

Mr. Zimmerer, who had fallen behind on earlier construction projects, diverted the money to pay debts in connection with those projects. In order to deceive the banks and continue to draw funds, he created false documents (mechanics lien waivers) purporting to show that he was current on his payments to subcontractors, the release stated.

















 



Local events heading








  Today is Tuesday, July 22, the 203rd day of 2014. There are 162 days left in the year.

1864 -- 150 years ago: Everybody is invited to go on a moonlight excursion next Monday evening on the steamer New Boston. The trip will be from Davenport to Muscatine and back.
1889 -- 125 years ago: The mayor and bridge committee let a contract to the Clinton Bridge company for a $1,125 iron bridge across Sears canal near Milan.
1914 -- 100 years ago: Injunction proceedings to compel the Central Association to keep a baseball team in Rock Island for the remainder of the season were contemplated by some of the Rock Island fans, but they decided to defer action.
1939 -- 75 years ago: The first of the new and more powerful diesel engines built for the Rock Island Lines for the proposed Chicago-Denver run, passed thru the Tri-Cities this morning.
1964 -- 50 years ago: The Rock Island Rescue Mission is negotiating for the purchase of the Prince Hall Masonic Home located at 37th Avenue and 5th Street, Rock Island.
1989 -- 25 years ago: Quad Cities Container Terminal is being lauded as a giant business boon that will save several days and hundreds of dollars on each goods shipment to the coasts. The Quad Cities Container Terminal is the final piece of the puzzle that opens up increase access to world markets, Robert Goldstein said.








(More History)