Misspelling gives feds misgivings over loan fraudulent application

A former bank executive who forged but misspelled the name of a loan officer at the Department of Agriculture’s Farm Service Agency is keeping the Federal Reserve on its toes, as the man was able to secure another job at a bank as a loan officer despite being fired from his previous position, CNN reported. 

According to legal documents filed by the Fed, Tanner Winterhof, a former executive at VisionBank of Iowa, allegedly falsified documents and caused the bank to endure “major losses.” And despite VisionBank terminating him last year, Mr. Winterhof still managed to get another job at a bank: Availa Bank in Iowa, as reported on his LinkedIn profile.

The Fed said Mr. Winterhof falsified documents, including a subordination agreement, related to loans extended to a customer that fraudulently prioritized the loan and allowed for the proceeds to “be used in a manner inconsistent with the purpose… as specified in the applicable loan documents.”

For conduct that “involved personal dishonesty” that “demonstrated a willful or continuing disregard for the Bank’s safety and soundness,” leading to at least $100,000 in losses and legal fees, the Fed’s order prohibits Mr. Winterhof from being part of any banking institution’s leadership.