ROCKFORD – A former business owner was indicted on fraud and false statement charges Tuesday, according to a U.S. Department of Justice news release.
Steven J. Moorhouse, 60, of Sandwich, was indicted by a federal grand jury in Rockford and charged with four counts of bank fraud and two counts of making a false statement to a financial institution, according to the U.S. Department of Justice.
Each count of bank fraud and making a false statement to a financial institution carries a penalty of up to 30 years in prison, a fine of up to $1 million and a term of supervised release of up to five years after imprisonment, according to the U.S. Department of Justice.
Moorhouse was president and majority owner of Jefso Manufacturing Co. and Fanplastic Molding Company.
Moorhouse is scheduled to appear at the Federal Courthouse for an arraignment at 11 a.m. Thursday in Rockford.