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Former president of Neshkoro bank facing indictment
Former president of Neshkoro bank facing indictment
MARQUETTE COUNTY -- Federal prosecutors say he was buying high-priced items like motor homes and a Corvette, and making the bank he worked for pick up the tab. Now, he's been indicted for bank fraud and embezzlement.
Geffrey Sawtelle
In a town of 434, $500,000 is a big deal.
"It was a shock. A little community like that and all of a sudden there's an FBI agent here," said Glenn Mentink.
Geffrey Sawtelle was president of Farmers Exchange Bank located in Neshkoro, Wisconsin -- now under new ownership.
Rick and Larry Gohlke, brothers in Neshkoro who own Gohlke Realty, say they were originally silent partners with Sawtelle. They bought the bank, with Sawtelle, for $5.8 million in 2002.
“We trusted Geff implicitly,” said Larry Gohlke. “We really trusted Geff. He was like family.”
They say they didn’t feel like they needed to be on the board or actively oversee Geff’s role at the bank. They said they did not see the federal indictment coming.
Sawtelle is accused of stealing the bank's money and spending it on personal items like Corvettes, a $133,500 transaction for the purchase of a Renegade motor home and various other cars.
"I got subpoenaed because he did business here," said Mentink.
Federal prosecutors allege Sawtelle, who virtually ran the bank by himself, intentionally disguised the true nature of his purchases.
"A small community most of the the people, most of them banked right here in town," said Mentink.
They say he spent most of the money on car racing -- shelling out $68,000 to Corvette Sports in Sheboygan Falls.
A $50,000 Corvette he drove in various national auto sports association races.
"I think everybody probably knows now," said Mentink.
Neighbors and former friends say they're glad his case is finally getting attention. They say it's greed that got him in trouble.
Geffrey Sawtelle
Federal prosecutors say they were initially worried Sawtelle was going to flee. He recently withdrew $1.5 million in cashiers checks from his bank but locals say he is still living in Neshkoro, he's just keeping a low profile.
FOX6 News went to his house on Friday, July 15th and knocked on the door -- no on answered.