Crown Point Man Sentenced on Mail Fraud Charge

Posted: Updated:
HAMMOND -

A U.S. District Court judge has sentenced a Crown Point man to 14 months in prison after a guilty plea on a charge of conspiracy to commit mail fraud. U.S. Attorney Thomas Kirsch's office says Walter Woldt and a co-conspirator committed a scheme to defraud mortgage lenders.

Court documents say Woldt worked with Texas-based mortgage broker Al Rondenburg to purchase 14 residential properties in northwest Indiana in a 30-day span with no money down. The pair would close on multiple properties between January 3, 2007 and February 1, 2007, knowing that by doing so quickly, the mortgages they obtained on the properties would not hit Woldt's credit report for at least 30 days.

Kirsch's office says that deprived subsequent lenders, including lenders who purchased the mortgages on the secondary market, of information they would need to evaluate Woldt's credit worthiness. Rodenburg participated in the scheme for the commissions he received on the mortgages obtained by Woldt. 

Woldt was ordered to report to prison on August 3. Upon his release, he will serve 24 months of home detention and must pay more than $1 million in restitution. Rodenburg was sentenced in February to 14 months in prison, two years of supervised release and pay $1 million in restitution as well.

  • Perspectives

    • States Can Foster Job Growth if Lifelong Learning is at Play

      The worlds of work and learning are merging in powerful ways, driven by the exponential growth in human knowledge. This means the abilities needed in the workplace go beyond simple “job skills” that can be learned quickly through a short-term training program. I was with Montana Gov. Steve Bullock when he released the newest National Governors Association report, “Governor’s Action Guide to Achieving Good Jobs for All Americans,” at the opening session...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • UPDATE: Nestlé Details Fort Wayne Layoffs

      Virginia-based Nestlé USA says only 40 employees will be laid off at the company's Fort Wayne distribution center. A spokesperson for Nestlé tells Inside INdiana Business a WARN Notice filed with the state incorrectly stated the facility would close at the end of the year, affecting nearly 70 workers.

    • Scott Kleine is one of the senior interns at Idea Co-op. (photo courtesy of NineStar Connect)

      Senior Interns Shining at Greenfield Coworking Space

      Wednesday was National Senior Citizen Day and three seniors are being celebrated for their contributions at a coworking space in Hancock County. Idea Co-op, which officially opened its doors earlier this year, has taken on three "senior interns" following a chance encounter at a local Kiwanis meeting in December. Jill Snyder, director of economic and business development for Idea Co-op operator NineStar Connect, says the men approached her with the goal of being involved in...

    • Fort Wayne Tops 'Hottest Real Estate Markets'

      Fort Wayne just opened its brand new riverfront Promenade Park to pomp and pageantry, hoping to make it a draw to Indiana’s second largest city. But now the Allen County community has something else to celebrate. The editors of Realtor.com declared Fort Wayne as the hottest real estate market in July for the entire country. 

    • (photo courtesy of Wes Mills)

      Ethanol Plant to Stop Production, POET Blames EPA

      Ethanol production at an Indiana biofuels plant will be stopped and the owner blames Environmental Protection Agency policies and the oil refining industry. South Dakota-based POET Energy announced the plant in Cloverdale will be placed in “idle production” within several weeks, though no date has been set. The ethanol producer says 100’s of local jobs will be impacted, but the news release did not specifically mention “layoffs” at this point.

    • (Image courtesy of Horseshoe Casino Hammond.)

      Indiana Casinos to Begin Sports Betting

      A pair of northwest Indiana casinos will soon add sports wagering to their offerings. Horseshoe Hammond Casino and Ameristar Casino East Chicago are both set to open sports betting areas at their respective casinos ahead of the kickoff to the 2019 NFL season.