ROCK ISLAND, Ill (KWQC) – A former employee of Deere & Company appeared in federal court Tuesday on charges of wire fraud and money laundering.
Harvey Ulfers, 62, of Cedar Falls, Iowa appeared before U.S. District Judge Sara Darrow in Rock Island. His trial has been scheduled for June 6, 2016. Ulfers was allowed to remain on bond pending trial. An indictment was returned on March 22, 2016, but remained sealed until Ulfer’s appearance in court.
The indictment alleges that from 2004 to 2013 Ulfers defrauded Deere & Company of at least $250,000. According to the indictment, Ulfers used his position at Deere’s foundry facility in Waterloo, Iowa to create and approve fraudulent internal documents. Those documents allowed significantly undervalued scrap metal to leave the facility. The indictment also claims Ulfers conspired with others to obtain the excess value of the scrap metal after it was sold at scrap yards, using a third party entity to launder the fraudulent proceeds and provide cash payments to Ulfers.
If convicted, the maximum penalty for each count of wire fraud is 20 years in prison and a fine of up to $250,000. The maximum penalty for each count of money laundering and conspiracy to commit money laundering is 20 years in prison and a fine of up to $500,000.
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 and AlterMetal Recycling are cooperating in the investigation and referred the matter to law enforcement following internal investigations.
