MINNEAPOLIS – U.S. Attorney Andrew M. Luger announced the indictment of Karl Reid Selle, 38, from Bowie, Maryland, for his involvement in a significant bank fraud scheme amounting to $35 million.
According to court documents, Selle and his co-conspirator, Matthew Thomas Onofrio, operated between September 2020 and October 2021 to defraud federally insured banks and credit unions in Minnesota, Wisconsin, and beyond. Onofrio, who ran a business named Northwoods Management LLC, promoted a program for investors aimed at acquiring commercial real estate across various states. The duo submitted false information to lenders, which included altering purchase agreements to inflate property appraisals. Additionally, they failed to disclose crucial information to lenders, such as Onofrio’s loans to investors to facilitate property purchases—loans that should have been reported as liabilities in loan applications.
Selle faces one count of conspiracy to commit bank fraud. He appeared in U.S. District Court on October 8, 2024, before Magistrate Judge Douglas L. Micko.
The indictment follows an investigation by the FBI. Assistant U.S. Attorney Robert M. Lewis is handling the prosecution.
Note: An indictment is a formal accusation and does not imply guilt; the defendant is presumed innocent until proven guilty in a court of law.