The former owner of Maplewood's Myth nightclub pleaded guilty this week to failing to give accurate information while applying for a bank loan.
Michael Ogren, 43, was charged in Anoka County District Court with felony theft by swindle over $35,000.
In December 2008, he obtained a $600,000 loan from an Anoka County bank using stock in Myth as security. Ogren assured the bank he had not previously pledged the stock as security. When he didn't repay the loan, it was found that the stock had twice been pledged as security.
Sentencing is set for Dec. 1, 2011. Ogren could be placed on probation for up to 20 years and could serve up to one year in jail. He will be required to pay restitution. In addition, Ogren admitted that sufficient facts exist that would allow a judge to impose a greater sentence than is usually imposed for offenses of this type.
"Economic offenses of this type are an important focus of the Anoka County attorney's office because of the significant impact they have on our community," said Anoka County Attorney Tony Palumbo.
Myth closed under Ogren's ownership in 2009 after he had a financial spat with investor Steven Sadowski. It has reopened under new ownership.