(Sioux City)– An Okoboji man has been sentenced in U-S District Court on a bank fraud conviction.
50-year-old Michael L. Fouts had previously pled guilty to one count of bank fraud…a felony which carries a maximum of 30 years in jail and a fine of up to a million dollars. Fouts was sentenced to three months in jail and three months home detention. He was also ordered to make restitution to the bank.
Court documents allege Fouts defrauded the State Bank of Spirit Lake of 25-thousand dollars by submitting false invoices for advances on a loan he had taken out for a trucking company he owned.
