MINNEAPOLIS (AP) – A Shakopee business school educator who taught classes on fraud has been sentenced to five years in prison for defrauding banks of millions of dollars.
Sixty-four-year-old Joseph Traxler, of Bloomington, was also ordered to pay $5.4 million in restitution during his sentencing in federal court Tuesday. Traxler was chief financial officer for Centennial Mortgage and Funding in 2007 and 2008 and admitted misleading lenders about the status of existing mortgage loans in order to get them to advance Centennial more money. The banks lost about $8 million through the bogus deals.
The Star Tribune says (http://bit.ly/Kah6zL) Traxler joined the faculty at the Minnesota School of Business in 2009 and has taught courses on fraud several times.
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