United States v. Milne

SENTENCING MEMORANDUM

ADELMAN, District Judge.

Defendant Theodore Milne operated an auto dealership in Plymouth, Wisconsin. In January 1998, he obtained a line of credit worth $600,000 from Associated Bank, which was collateralized by his fleet of cars. His loan agreement required him to periodically notify the bank of the status of the fleet and to pay down the loan when he made a sale.

The business did not do well. Defendant began selling the cars that secured the loan without notifying the bank or making the required payments. From May 2000 to January 2001, he submitted five statements to the…