MINNEAPOLIS (AP) – The Minnesota School of Business has fired a teacher after he was sentenced for defrauding banks of millions of dollars.
The school fired 64-year-old Joseph Traxler of Bloomington on Wednesday, the day after he was sentenced in federal court to five years in prison and ordered to pay $5.4 million in restitution.
Traxler had worked at the school’s Shakopee campus since 2009. The school says Traxler had no financial oversight responsibilities.
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 Traxler had taught courses on fraud several times.
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