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Former Lakeville Mayor's Husband Pleads Guilty to Swindling Banks

Kevin A. Dahl pleaded guilty to swindling four banks to the tune of $1.4 million in fraudulently obtained loans. He'll be sentenced at a later hearing, but could face 30 years in prison.

The husband of a former Lakeville mayor could face 30 years in prison after pleading guilty to one count of bank fraud in federal court for his role in swindling four banks out of more than $1.4 million in fraudulently obtained bank loans.

Kevin A. Dahl, 57, husband of former Lakeville mayor Holly Dahl, entered his guilty plea on Aug. 29 and faces up to 30 years in prison. He'll be sentenced by United States District Court Judge John R. Tunheim at a later hearing that is yet to be scheduled.

after being accused of bilking $1.4 million from Lake Area Bank, First National Bank of Northfield, Voyager Bank and Community Banks of Colorado.

In his plea agreement, Dahl admitted to charges investigated by the FBI finding that from Feb. 6, 2007, through Feb. 1, 2008, he submitted false applications and supporting documents for loans he sought from the banks. In the applications, he specifically overstated his assets, representing that he had assets worth more than $9 million, when that was not the case. Because of his fraudulent representations, Dahl obtained the loans.

 will follow the story.

resident August 30, 2012 at 04:39 PM
Very interesting! – Now, if Kevin would have NOT been sick and been able to repay the loans and thereby gave the banks their big profit – would getting these loans still be fraud? - Or - if the banks did due diligent how can they be swindled?
Terry Elliott August 30, 2012 at 08:01 PM
resident: 1. It's fraud whether the loans are paid off or not. 2. The "big profit" you imagine is limited by law; check these banks' annual reports and you'll see how much big profit they're making. 3. And if he had paid the loans off he would have been the first to borrow $1.4M fraudulently and then pay off the loans!
resident September 01, 2012 at 09:43 PM
Mr. Elliott, I agree, fraud is fraud. – However think, - someone comes to you or me with claims having securities for loans, it would take us not long to verify these claims. If we could not do that we would be incompetent and not qualified to be the lender of the money our clients deposit. If we find the claims incorrect but still make the loans then we are part of the fraud and have not exercised our fiduciary responsibility. – I think the banks also need to be prosecuted.- Who is going to do that? – And why has it not be done? About you annual report comment and the “big profit” – How do these banks get the money to have all these facilities and offices everywhere and pay big VP salaries and bonuses , - more then any other business?
Terry Elliott September 02, 2012 at 02:07 AM
resident: the banks do have a fiduciary responsibility, no doubt about it. and their shareholders will punish them; citibank shares for example are right now just two notches above "junk" level. they made no profit in 2008, 2009, 2011, or 2012. offices, etc. are leased; they're restructuring now (i.e., closing many of them).
Faithrider April 12, 2013 at 03:48 PM
Fraud is Fraud, the banks were taken! Many still wonder if he ever had Cancer as he neve allowed family to even go or discuss his illness with his "doctors"...than, he was cured over night when all these charges started to surface. (??) Did he ever get sentenced, I thought the Patch was goign to follow up on this story?

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