Faribault accountant admits stealing $432K; bought lake home
- Article by: Paul Walsh
- Star Tribune
- January 22, 2013 - 8:50 AM
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.
Paul Walsh • 612-673-4482
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