Eric Jason Sunsdahl, 34, Rosemount, Minnestoa, pleaded guilty  in connection with a scheme to obtain mortgages and funds fraudulently from a bank. Specifically, Sunsdahl pleaded guilty in federal court to one count of bank fraud. He entered his plea in Minneapolis before United States District Court Judge Joan Ericksen. Sunsdahl was indicted on April 21, 2009.

In the plea agreement, Sunsdahl admitted that on April 29, 2005, he caused Bremer Bank to create a home equity line of credit in the amount of $100,000 based on a fraudulent loan application. His scheme to defraud Bremer Bank, however, spanned from 2004 through 2007. During that time, Sunsdahl was employed as a personal banker at Bremer's Inver Grove Heights branch office, where he was entrusted to originate and administer consumer loans. In that capacity, he caused fraudulent loan application documentation to be provided to Bremer underwriters. Those documents, which misrepresented the true financial conditions of the applicants by overstating income, falsely verifying deposits, and concealing marital status, caused the proposed loans to be approved.

Sunsdahl then worked with John M. Rubischko, an independent mortgage broker, to disburse the loan proceeds in a manner contrary to what was understood by Bremer Bank. For example, payments made to Sunsdahl from those funds were concealed from the bank. In addition, Sunsdahl received money from Rubischko for arranging the fraudulent transactions.

Sunsdahl faces a potential maximum penalty of 30 years in prison for his crime. Judge Ericksen will determine Sunsdahl's sentence at a future date. This case is the result of an investigation by the U.S. Postal Inspection Service and the Minneapolis Police Department's Fraud and Forgery Unit. It is being prosecuted by Assistant U.S. Attorney Ann M. Anaya.