Rock Island, Ill. - A former employee of Deere and Company appeared in federal court today on charges of wire fraud and money laundering. Harvey Ulfers, 62, Cedar Falls, Iowa, appeared before U.S. District Judge Sara Darrow in Rock Island. Trial has been scheduled for June 6, 2016. Ulfers was allowed to remain on bond pending trial. The indictment was returned on Mar. 22, 2016, but remained sealed pending Ulfers’ court appearance.
The indictment alleges that from about 2004 to January 2013, Ulfers defrauded Deere & Company, headquartered in Moline, of at least $250,000. Using his position at Deere’s foundry facility in Waterloo, Iowa, Ulfers allegedly caused the creation and approval of fraudulent internal documents that allowed significantly undervalued scrap metal to leave the facility. Ulfers conspired with others to obtain the excess value of the scrap after it was sold at scrap yards, using a third party to launder the fraudulent proceeds and provide cash payments to Ulfers.
If convicted, the statutory maximum penalty for each count of wire fraud is 20 years in prison, and a fine of up to $250,000, and the statutory maximum penalty for each count of money laundering is 20 years in prison, and a fine of up to $500,000, or twice the value of property involved in the transactions, whichever is greater.
The case is being prosecuted by Assistant U.S. Attorneys Meredith DeCarlo and Donald Allegro. The charges are the result of investigation by the Internal Revenue Service Criminal Investigation Division and the Federal Bureau of Investigation. Deere & Company is cooperating in the investigation and referred the matter to law enforcement following internal investigations.
Members of the public are reminded that an indictment is merely an accusation; the defendant is presumed innocent unless proven guilty.
Source: U.S. Department of Justice, Office of the United States Attorneys
