Lakeville consultant pleads guilty to bank fraud

Article by: Star Tribune
Updated: August 29, 2012 - 10:26 PM

Kevin Dahl faces up to 41 months in prison in deal involving ski country condos

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Lakeville real estate consultant Kevin Arthur Dahl has pleaded guilty to bank fraud related to loans he took out for a posh condo development in Aspen, Colo.

Dahl, 57, the husband of former Lakeville Mayor Holly Dahl, admitted Wednesday that he defrauded four banks by submitting documents that falsely inflated his net worth. He made bogus claims to have $9 million invested through Silvercrest Asset Management Group. He used the information to obtain loans from Lake Area Bank, First National Bank of Northfield, Voyager Bank and Community Banks of Colorado.

Federal prosecutors say the banks lost a total of $1,445,166.82 as a result of the fraud.

Dan Scott, Dahl's attorney, said a couple of the loans were for a luxury development project called Aspen Lofts, where convicted Ponzi schemer Tom Petters had nine units.

Dahl could face up to 30 years in prison. U.S. District Judge John Tunheim will determine his sentence during a future hearing.

Dahl told Tunheim that he's currently self-employed as a real estate consultant. Tunheim ordered him released on a $25,000 unsecured bond pending sentencing, and ordered that he not take out any new loans.

DAN BROWNING