Former Lakeville Mayor's Husband Pleads Guilty to Swindling Banks

The husband of a former Lakeville mayor could face 30 years in prison after pleading guilty to one count of bank fraud in federal court for his role in swindling four banks out of more than $1.4 million in fraudulently obtained bank loans.

Kevin A. Dahl, 57, husband of former Lakeville mayor Holly Dahl, entered his guilty plea on Aug. 29 and faces up to 30 years in prison. He'll be sentenced by United States District Court Judge John R. Tunheim at a later hearing that is yet to be scheduled.

after being accused of bilking $1.4 million from Lake Area Bank, First National Bank of Northfield, Voyager Bank and Community Banks of Colorado.

In his plea agreement, Dahl admitted to charges investigated by the FBI finding that from Feb. 6, 2007, through Feb. 1, 2008, he submitted false applications and supporting documents for loans he sought from the banks. In the applications, he specifically overstated his assets, representing that he had assets worth more than $9 million, when that was not the case. Because of his fraudulent representations, Dahl obtained the loans.

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