DAVENPORT, Iowa (AP) - A former vehicle dealership owner in southeast Iowa has been imprisoned for lying to a bank.
Federal prosecutors say 66-year-old Thomas Gretter was sentenced Thursday in U.S. District Court in Davenport. He was given 13 months on two counts of making false statements to a financial institution. Gretter also was ordered to pay nearly $1.2 million in restitution to Hills Bank & Trust Co. He’d pleaded guilty in September.
His plea agreement says Gretter obtained loans in December 2013 and October 2014 from Hills Bank, pledging as collateral items he knew were not available to him. The agreement also says Gretter forged signatures on items of collateral as security for the bank loans.
Gretter Autoland and Gretter Ford Mercury in Washington, Iowa, filed for Chapter 11 bankruptcy in December 2014.
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