FOND DU LAC, WI (WTAQ) – A 52-year-old Oshkosh business owner, who allegedly defrauded a Fond du Lac business out of millions of dollars, posted a $1 million cash bond Monday.
Sterling Kienbaum made his initial appearance in Fond du Lac County Court on racketeering and felony theft charges.
Kienbaum bilked Sadoff Iron and Metal out of $14.3 million.
Fond du Lac County Deputy District Attorney Dennis Krueger says Kienbaum was allegedly involved in a scheme in which scrap automobiles loaded with dirt were brought into Sadoff’s for money.
“His business was taking scrap to Sadoff Iron and Metal. The loads were overweight and because of the overweight, they were paid extra money but the complaint alleges it was done intentionally to defraud Sadoff’s into paying them more than what would be out for the scrap,” said Krueger.
According to an investigation, the amounts Kienbaum took were:
$740,325 in 2009
$2,164,964 in 2010
$3,465,950 in 2011
$2,905,528 in 2012
$2,732,040 in 2013
$2,166,421 in 2014
$149,267 in 2015
Two other men, Daniel Christianson and Donald Krueger, have already been convicted for their roles in the scheme.
Kienbaum is the owner of Fox Valley Iron and Metal.
His preliminary hearing is set for March 16th.
If convicted, he could be sentenced to as much as 65 years in prison.
