Sioux Falls Man Sentenced for False Statement to a Financial Institution
Summary
James Bunker, 53, of Sioux Falls, doing business as Genuine Builders, Inc., was sentenced on April 15, 2024 by U.S. District Judge Karen E. Schreier to 21 months in federal prison and three years of supervised release for a false statement to a financial institution, the District of South Dakota U.S. Attorney's Office reported on April 19, 2024. According to the release, a second-draw Paycheck Protection Program loan required a 25% revenue drop in a 2020 quarter against the same 2019 quarter, so Bunker had an employee move invoices from the fourth quarter of 2020 into the third quarter in a profit and loss statement. Bunker then applied to American Bank and Trust on or about January 8, 2021 for $1,318,023.00. Bunker pleaded guilty on November 8, 2023, agreed to repay Main Street Lending and EIDL loans, and agreed to forfeit $20,000 in U.S. currency and properties in Sioux Falls.
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Press Release Sioux Falls Man Sentenced for False Statement to a Financial Institution Friday, April 19, 2024 For Immediate Release U.S. Attorney's Office, District of South Dakota SIOUX FALLS - United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Sioux Falls, South Dakota, man convicted of False Statement to a Financial Institution. The sentencing took place on April 15, 2024. James Bunker, d/b/a Genuine Builders, Inc., age 53, was sentenced to 21 months in federal prison, followed by three years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $100. Bunker has also agreed to repay loans to First State Bank that he received under the Main Street Lending program and to the U.S. Small Business Administration for loans he received under the Economic Injury Disaster Loan program. Bunker has also agreed to forfeit $20,000 in U.S. currency and properties located in Sioux Falls. Bunker was indicted by a federal grand jury in April of 2021. He pleaded guilty on November 8, 2023. The conviction stemmed from an incident on January 8, 2021, when Bunker knowingly made a false statement and report for the purpose of influencing the action of American Bank and Trust in connection with an application and loan under the Paycheck Protection Program. Bunker knew that to be eligible for a second draw loan under the Paycheck Protection Program, a 25% revenue reduction must exist in at least one quarter of 2020 as compared to that same quarter of 2019. In order to meet that reduction for Genuine Builders, Inc., Bunker worked with an employee to move certain invoices that had previously been classified as accruing in quarter four of 2020 into quarter three of 2020 in a profit and loss statement. By doing so, Bunker intended to falsely reduce Genuine Builders, Inc.’s reported revenue for quarter four of 2020, which then allowed Genuine Builders, Inc. to illustrate a more than 25% reduction in quarter four of 2020 as compared to quarter four of 2019. Bunker then utilized this information to submit an application to American Bank and Trust on or about January 8, 2021, seeking to obtain a second draw loan under the Paycheck Protection Program for Genuine Builders, Inc. in the amount of $1,318,023.00. “This sentence sends a strong message that if you lie and cheat to gain access to government funds you will be held accountable, and as in Mr. Bunker’s case, you can go to jail,” said IRS Criminal Investigation (CI) Special Agent in Charge Thomas F. Murdock, St. Louis Field Office. “Along with our law enforcement partners, CI is committed to investigating as many pandemic fraud cases as possible to bring those who misused the programs to justice.” This case was investigated by the FBI, the IRS, and the U.S. Attorney’s Office. Assistant U.S. Attorney Ann M. Hoffman prosecuted the case. Bunker was allowed to self-report at a future date. Updated April 19, 2024 Topic Financial Fraud Component USAO - South Dakota Related Content Press Release Nigerian Man Indicted on Fraud Charges United States Attorney Ron Parsons announced that in March 2026, a federal grand jury indicted Kenneth Godwin, a Nigerian man, for Conspiracy to Commit Wire Fraud, Wire Fraud, and Unauthorized... May 6, 2026 Press Release De Smet Man and Woman Each Sentenced to Terms in Federal Prison and Home Confinement for Willful Failure to Collect or Pay Over $600,000 in Employment Tax United States Attorney Ron Parsons announced today that Chief Judge Roberto A. Lange, U.S. District Court, has sentenced a De Smet, South Dakota, man and woman convicted of Willful Failure to Collect or... March 24, 2026 Press Release Sioux Falls, South Dakota Man Sentenced to Six Months in Federal Prison for Defrauding a Local Credit Union United States Attorney Ron Parsons announced today that Chief Judge Roberto A. Lange, U.S. District Court has sentenced a Sioux Falls, South Dakota man convicted of Bank Fraud. The sentencing took place... March 23, 2026
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