DES MOINES (ASSOCIATED PRESS) — Two leaders of a Cedar Rapids tourism board have been ordered to serve time in federal prison for defrauding a bank to support a music festival that lost $2.3 million.
Aaron McCreight, the former CEO of GO Cedar Rapids, was sentenced to 18 months and Douglas Hargrave, the former chief financial officer, to 15 months. The Des Moines Register reports that both also were ordered together to pay more than $1.4 million in restitution.
McCreight and Hargrave previously admitted defrauding a Cedar Rapids bank by misrepresenting revenue projections to get loans for Newbo Evolve. The three-day 2018 music festival staged by Go Cedar Rapids included performances by the band Maroon 5 and singer Kelly Clarkson.
© 2022 Associated Press. All Rights Reserved. Material may not be redistributed.