SPRINGFIELD, Mo. — The owner of several Springfield-area restaurants has been sentenced to five years in federal prison in a $5.5 million bank fraud case.
The U.S. attorney’s office says 70-year-old Bruce Swisshelm, of Battlefield, also was ordered Tuesday to pay millions in restitution. He admitted to submitting false bank documents to get four commercial loans in 2011 from Great Southern Bank.
Court documents say Swisshelm knew his businesses had lost money for several years and were on the brink of bankruptcy when he sought the loans. Prosecutors say that soon after receiving the loans from Great Southern Bank, Swisshelm failed to make even his minimum payment requirements toward the loan. Within approximately 60 days Swisshelm filed for bankruptcy and attempted to have the entire $5.5 million loan excused by the bankruptcy court.