Fitchburg businessman found guilty of fraud

Christian Peterson, owner of the Pancake Café in Fitchburg and a scrap foam business, has been found guilty on three counts of bank fraud, two counts of making false statements to banks, two counts of money laundering, and one count of theft from an employee retirement fund. According to reports, Peterson’s businesses received a continuing line of credit from M&I Bank, as well as a loan from Greenwoods State Bank for commercial land development, but portions of those funds were instead used to pay for his personal expenses, gambling, and gambling debts. Another $30,000, taken from his scrap foam company’s employee retirement account, was used in part to pay alimony to his ex-wife. In 2012, Peterson was indicted by a federal grand jury and received probation in Las Vegas after being charged in 2010 with failing to pay gambling debts.