A 39-year-old accountant has admitted to forging more than 100 checks from his southern Minnesota onetime employer’s account and collecting hundreds of thousands of dollars that he used to buy a lake home and pay his bills.
Ronald L. Schaeffer, of Faribault, pleaded guilty last week in federal court in Minneapolis with bank fraud totaling $432,504 while he was the sole in-house accountant for Environmental Tillage Systems Inc. of Faribault.
He used the money from August 2008 to April 2012 to build a lake house in Elysian, Minn. He also was charged with using the money to make payments on home-equity and car loans.
Schaeffer faces up to 30 years in prison, as well as fines and orders of forfeiture. Sentencing has yet to be scheduled.