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Glenham man charged with two counts of federal bank fraud for CorTrust Bank loan schemes

A jury trial will commence in October for former a former CorTrust Bank manager.

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PIERRE — A Glenham man is facing federal charges of bank fraud after the Federal Bureau of Investigation says he profited from a loan scheme.

A press release from the United States Attorney’s Office says that Gabe Outtrim, 42, of Glenham, made two nominee loans of an undisclosed amount in the name of an unknowing customer between 2015 and 2019, while serving as the bank manager and vice-president of CorTrust Bank’s Leola branch.

Outtrim’s LinkedIn profile says he has worked at the CorTrust’s Leola branch for over 11 years, preceded by a position as a senior credit manager for Wells Fargo.

Details of the alleged fraud have been sealed by the court, but the release alleges Outtrim to have used the bank’s profits from the loans for his own benefit.

After being indicted on Aug. 3, Outtrim appeared before a federal judge in a Pierre courtroom on Aug. 12 and pleaded not guilty to both counts.

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Outtrim is currently out on bond, and is scheduled to appear for a trial on Oct. 19.

He currently faces up to 30 years in federal prison, a million dollar fine, five years of supervised release and up to $200 to the Federal Crime Victims Fund.

Related Topics: CRIME AND COURTS
A South Dakota native, Hunter joined Forum Communications Company as a reporter for the Mitchell (S.D.) Republic in June 2021 and now works as a digital reporter for Forum News Service, focusing on local news in Sioux Falls. He also writes regional news spanning across the Dakotas, Minnesota and Wisconsin.
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