- Associated Press - Thursday, July 13, 2017

PHOENIX (AP) - A Phoenix businesswoman who fraudulently obtaining more than $50 million in bank loans has been sentenced to seven years in federal prison.

Prosecutors say 50-year-old Deborah Ann Weidenhamer also was ordered by a U.S. District Court judge Wednesday to pay full restitution.

Weidenhamer previously pleaded guilty to seven counts of bank fraud.

She was the owner and CEO of American Auction Company Inc., a Phoenix-based business that provided auction and appraisal services.

Despite her business losing money every year since at least 2009, Weidenhamer persuaded multiple banks to lend her money by submitting fabricated financial statements between 2008 and 2013.

Her total line of credit increased from $10 million in 2008 to $55 million in 2015.

Auditors discovered the fraud early last year and lenders declared the loan in default.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide