Former GoCR executive pleads guilty to federal bank fraud

CEDAR RAPIDS, Iowa (KCRG) - Doug Hargrave, former GoCR financial director, pled guilty to one count of federal bank fraud.

Prosecutors say in 2018 GoCR executives falsified budgets and ticket sale projections for the three-day festival to increase their line of credit from the bank.

NewBo Evolve lost $2.3 million. Executives were nearly unable to afford alcohol for the event and pay headliner Kelly Clarkson. Many vendors have never been paid for the event to this very day.

Hargrave could face up to 30 years in prison and a fine of a million dollars.

The judge will require Hargrave to tell his employer in the state of Washington about his guilty plea. Hargrave told the judge he is fearful to do this in the event he may be terminated.

He’ll have to surrender his rights as a citizen like voting and holding a valid US passport. The judge is letting him keep his passport a little longer so he can go on an upcoming trip he had planned.

A sentencing date has not yet been set.

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