Federal fraud charges filed against former CorTrust Bank manager, VP in Leola

LEOLA, S.D.(Aberdeen American News)- The former manager of CorTrust Bank in Leola is facing two federal charges of bank fraud in connection to allegations that he took out loans for an unknown customer and used the funds for his own benefit.

Gabe Outtrim, 42, of Glenham was indicted earlier this month and pleaded not guilty to the charges, according to a news release from the U.S. Attorney’s Office. He’s been released on bond and requested a jury trial, which is set for Oct. 19.

Outtrim is accused of making two separate loans in the name of an unknown bank customer and using the money from those loans for his personal use, per the release. At the time, he was bank manager and vice president of CorTrust Bank in Leola.

The first improper loan activity was from Nov. 10, 2015, to March 20, 2019. The second was from Sept. 17, 2018, to Feb. 21, 2019, according to the release.

Court documents do not indicate how much the loans were for.

The maximum penalty upon conviction is 30 years in federal prison and a $1 million fine, five years of supervised release and as much as $200 to the Federal Crime Victims Fund. Restitution.