The former president of Peoples Trust and Savings Bank in Riverside is facing 16 federal charges.
In an indictment issued by a federal grand jury in the U.S. District Court for the Southern District of Iowa, Christopher Michael Goerdt was charged with 11 counts of bank fraud, two counts of aggravated identity theft, two counts of wire fraud and misapplication by a bank officer.
Goerdt was president of the bank from November 2012 until his resignation on Dec. 16, 2015.
Court documents allege that Goerdt obtained an unauthorized Visa card in the bank’s name in December 2012 and used that card for “personal expenses and unauthorized business expenses, charging $89,602.83” over a three-year period.
Goerdt is accused of diverting funds from bank customers for his own personal use and diverted loan funds from one bank customer to another to “cover his scheme.”
The indictment goes on to say that Goerdt made unauthorized advances to lines of credit taken out by bank customers for his own benefit.
The identity theft charges are related to the bank fraud charges.
Goerdt is accused on two occasions – in October 2014 and February 2015 – of unlawfully using another person’s identity information.
The two counts of wire fraud stem from Goerdt’s time as an agent with Farm Bureau.
He is accused of taking out insurance policies for customers who did not authorize them in 2017.
Goerdt is also accused of embezzling $2,218 from County Bank in Williamsburg in March 2016, taking the money from one customer account to pay another person’s property taxes.