Iowa man sentenced for bank fraud in Missouri

COLUMBIA, Mo. (KMIZ)

An Iowa man was sentenced in Jefferson City on Wednesday for a federal bank fraud charge.

Roger Dean Peters, 71, of Hampton, Iowa, pleaded guilty on May 30, 2024, to bank fraud and was sentenced to a year in prison, according to a Wednesday press release from the Department of Justice.

Peters was accused in a kiting scheme between 2012-16, according to his plea agreement. Exchange Bank of Missouri in Fayette reported the scheme in 2016 after he allegedly had $167,413,625.19 deposited in his accounts from each of the accounts, the plea agreement says. The agreement says he kited checks to create the fake balance.

When the scheme collapsed, the bank estimated the total overdraft amount to be $2,882,904.20, exclusive of unpaid fees and other expenses, the release says. He also held a line of credit to make fraudulent purchases, the release says.