Medford man accused in loan scheme - WAOW - Newsline 9, Wausau News, Weather, Sports

Medford man accused in loan scheme

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MADISON (WAOW) – A federal grand jury has accused a Medford man of making false statements to financial institutions to obtain loans, according to U.S. Attorney John Vaudreuil.

Michael Kraus, 63, was charged with 16 counts of the crime, with each count carrying a maximum punishment of 30 years in federal prison, Vaudreuil said in a statement Monday.

The prosecutor said the indictment handed down Wednesday accuses Kraus of making false statements to eight financial institutions in loans he obtained and falsely listing his total liabilities on a “individual financial statement” document.

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