Davenport chiropractor pleads guilty to federal fraud charges
DAVENPORT, Iowa (KWQC) - A Davenport chiropractor pleaded guilty Thursday to federal fraud charges.
Jason Rannfeldt, 51, pleaded to charges of false statements to a financial institution, two counts of bank fraud, money laundering, and false bankruptcy declaration.
He will be sentenced on March 26 in federal court in Davenport.
Rannfeldt was originally charged with seven counts of false statements to a financial institution, six counts of bank fraud, and one count of money laundering. As part of the plea agreement, additional charges were dropped.
Rannfeldt owned and operated Rannfeldt Clinic or Rannfeldt Family Chiropractic between Oct. 1988 and April 2021, according to court documents. He claimed to own and operate four additional businesses; Perfect Fit Coaching, LLC; RC Orthotics, LLC and RC Performance Therapy LLC.
Court records show, between January 2021 and May 2021Rannfeldt submitted 11 false and misleading Paycheck Protection Program; or PPP, loan applications for the businesses, including false or fraudulent misrepresented tax documents.
Rannfeldt obtained or attempted to obtain approximately $1,100,000 in PPP loan funds with the submitted applications and documents, according to court records.
Rannfeldt submitted a false and misleading residential mortgage loan application on Aug. 9, 2021, to GreenState Credit Union with supporting documents containing false or fraudulent misrepresentations, according to court records. GreenState Credit Union approved a mortgage loan of $588,750.
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