SIOUX FALLS, S.D. (KELO) — A federal grand jury has indicted a 50-year-old Sioux Falls man and several of his businesses for allegedly committing bank fraud and other related federal crimes.
The indictment of James Bunker occurred Tuesday. He appeared in federal court Thursday and pleaded not guilty.
According to acting U.S. Attorney Dennis Holmes, the indictment “alleges that Bunker defrauded or attempted to defraud banks in connection with his efforts to acquire loans under the Paycheck Protection Program, or the Main Street Lending Program that relate to pandemic relief programs.”
The statement from Holmes says the the indictment further “alleges that Bunker submitted or caused to be submitted false financial documents to the banks and lied on loan forgiveness applications submitted to the U.S. Small Business Administration.”
Bunker faces maximum penalties upon conviction of 30 years in federal prison, a $1 million fine, five years of supervised release and up to $1,200 to the federal crime victims fund. He also could be required to make restitution.
Bunker is free on bail. A trial is scheduled for June 15.