Farm Loan Fraud


(Cedar Rapids, IA) -- Three members of a northeast Iowa family who got double federal loans on their farmland then declare bankruptcy have been sentenced. Fifty-three-year-old Aimee Rosenbaum of Lawler pleaded guilty to the conversion of property pledged to a farm credit agency and bankruptcy fraud. She was sentenced to six-and-a-half years in prison. Her 58-year-old husband Donald Rosenbaum of Cresco was given two years probation and their son, 27-year-old Marshal Rosenbaum of Fredericksburg, was sentenced to three months in prison and three months of home confinement. The Rosenbaum’s will have to pay more than 170-thousand dollars in restitution.

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