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Home building giant Bill Erpenbeck promises he can put you in your dream
We looked at every model home, and then when we found this one, of course, this
is perfect.
But when he diverts $34 million worth of mortgage payments into his company's
bank account, the dreams become nightmares.
When you bring it down to just its basics, it's just pure stupidity. It's
debt. So when hundreds of homebuyers are left in danger of losing their homes,
don't expect any of them to shed a tear for Bill Erpenbeck.
I can't imagine the fear that all of them had. I realize that that's my
responsibility.
In October 2009, six FBI agents take shovels to this country club golf course
a plush northern Kentucky suburb.
46 paces off the third tee, they've been told, lies a buried treasure.
It's about 46 paces. It's right in front of this tree.
FBI Special Agent Kevin Gormley has just returned after being summoned to a
federal prison in Coleman, Florida by renowned home builder and convicted scam
artist Bill Erpenbeck.
He's hoping to get a reduction in his prison sentence.
Erpenbeck tells Gormley that he wants to come clean about money he had stashed
away in 2002 while being investigated for a $34 million fraud.
Bill said he wanted to be able to start his life over once he gets out of
prison. At that time, he was thinking of only going to prison for a couple of
years.
Erpenbeck's story leads Gormley to the Summit Hills Country Club, where Gormley
thinks pay dirt is just moments away.
But after five hours of digging without success, it appears to some of Gormley's
fellow agents that this fantastic story is just that, a fantasy.
I was getting a lot of harassment as each hour passed.
that we weren't going to find it, of course, but I was confident we weren't
going to leave until we found it.
Bill Erpenbeck's promise of buried treasure is all that's left after nearly
decade of lies and theft.
It's a scam that has sent seven people to prison and taken an estimated $69
million from homebuyers, banks, and building contractors in Cincinnati and
Kentucky.
But as former golfing buddy and next -door neighbor Glenn Fagan attests, it
didn't start that way.
Bill Erpenbeck's fraud begins with an air of success.
Bill Erpenbeck had a gift, and his gift was to persuade you that not only
are you going to do business with him, but it's the best thing you've ever done
in your life.
The Erpenbeck family has been building trust along with homes for decades.
Bill's grandfather was named 1965 Home Builder of the Year by the Home Builders
Association of Northern Kentucky.
And Bill's father, Tony, followed in the same footsteps, slowly amassing his own
reputation one house at a time.
You would expect Tony Erpenbeck not only to build your house, but maybe get on
the bulldozer and grade the yard when he was finished. He's just the most...
Down to earth, salt of the earth guy. We always used to joke that he's, you
know, the millionaire that drives the, you know, Chevette.
But Chevettes are far too modest for the grandson, Bill Erpenbeck. He has much
bigger plans.
I think he wanted to go from obscurity to the number one home builder
in northern Kentucky.
Bill Erpenbeck wants to bring the Erpenbeck name into the modern age.
It's no longer going to be a family that builds one house at a time. The
Erpenbeck Company begins building entire subdivisions and condominium projects.
And with a great deal of success.
By 2002, the Erpenbeck Company has built hundreds of homes.
And it's raking in nearly $100 million a year.
And as a marked contrast from his father's frugality, Bill Erpenbeck now
million -dollar house and a fancy car. It presents the image that the Erpenbeck
company is on top of the world.
He was the third largest builder in greater Cincinnati at the time. He came
recommended by a lot of people in the community, including my employer.
Linda Harlow buys an Erpenbeck home in October of 2000.
and quickly befriends one of her neighbors across the street, who happens
an Urban Beck Company employee.
One evening in April of 2002, however, that neighbor wants to have a talk.
She asked if she could come to my house that evening and speak with me, and I
said, well, of course you can. You come across the street every evening to talk
to me, and she said, no, this is more serious.
Harlow's friend has inside information about shady dealings going on within the
Erpenbeck company and feels obligated to tell Harlow that there's a problem with
her house.
She proceeded to tell me that my house had multiple mortgages on it. And I
why would that be the case? I had already paid for my house. I had a
paid and my lender delivered the payment for my house.
When Harlow takes out a mortgage to buy her home, she expects her mortgage
company to ensure that a check from the closing is delivered to Erpenbeck's
lender. The check is intended to pay off the entire mortgage Erpenbeck took out
to build the home in the first place.
Unfortunately, that's not what happens.
Thanks to Erpenbeck's closing agent, Michelle Marksberry.
Michelle Marksbury at our closing asked if she could carry the check over to the
construction lender because it would save one day of interest.
It seems like a reasonable request at the time. But looking back to that day,
Harlow remembers something suspicious.
It was Halloween, October 31st, 2000.
And I recall Michelle saying that as soon as she left the closing, she needed
hurry home and dress her daughter.
for trick -or -treat. And then she caught herself and said, I mean, as soon
go and deliver this check to the bank.
It's a revealing slip of the tongue.
Marks Perry has no intention of delivering the check to the construction
to pay off Erpenbeck's original mortgage.
She's putting it straight into the Erpenbeck company checking account.
And with Erpenbeck's mortgage still open, it means that Harlow's house now
two mortgages on it, hers and Bill Erpenbeck's.
For Harlow, the situation is appalling. She could dutifully pay her mortgage for
30 years and still face the threat of Erpenbeck's lender taking her home.
They would be able to foreclose even though I had bought and paid for my
and had been living there.
But for Erpenbeck... Walking out of the closing with a check not payable to him
is the easy part.
For the scam to actually pay off, Erpenbeck needs to be able to deposit
Harlow asks her friend the obvious question.
If I can't deposit a check that isn't payable to me, why would Erpenbeck be
to take a check away from a closing table, payable to another bank, and
that to their own bank account?
And she said, the bank isn't just the bank, the bank is people.
Look for a reason that the people in authority at the bank would allow that
happen.
For homebuyers like Linda Harlow, who bought her home from the Erpenbeck
in the fall of 2000, it means that Erpenbeck's original mortgage hasn't
paid off, and his lender still has a lien on her home.
And Harlow isn't alone.
As the FBI and U .S. Attorney's Office later find out, Erpenbeck has pulled
scam more than 250 times over the previous three years for $34 million.
And homebuyers aren't the only ones left in the dark.
Erpenbeck manages to keep his lenders from asking questions as well.
And the effort included continuing to pay interest to the construction lenders
on the loans so that they would be less likely to become aware that they should
have been paid out of the closings.
With Erpenbeck still making monthly payments, his lenders don't know the
properties have been sold and simply keep the mortgages active.
For Erpenbeck to benefit from the scam, he needs help depositing checks not made
out to him.
And he knows just the place to find it.
The evidence developed by the FBI was that John Finnan, who was the president
People's Bank of Northern Kentucky, and Mark Manning, its vice president,
colluded with Bill Erpenbeck to accept those deposits into the Erpenbeck
at the bank.
Erpenbeck has held his company's bank account at People's Bank for years, long
enough, in fact, that his relationship with the bankers extends beyond that of
typical banker and client.
One of the bankers lived on our street.
We golfed together every Sunday. I thought John Fennin and Bill Erpenbeck
as good as friends as Bill and I were.
But being in tight with Bill Erpenbeck is playing with fire.
In February 2001, they are confronted with the fact that Erpenbeck's account
their bank is overdrawn by $6 million.
It's a surprising revelation from a company that is one of the largest home
builders in the region.
Until that is, you look into Bill Erpenbeck's lifestyle.
As things started progressing,
Bill's appetite for the limelight got bigger and his appetite for the finer
things in life got bigger.
He had a couple motorcycles, two golf carts, one was a Mercedes golf cart.
The golf carts had televisions on them. There was probably double digits in
televisions in that home.
He had the built -in movie theater with...
20 Barca loungers that were tiered up and a racing center for those cars that
you would race against each other.
There wasn't much you couldn't do down in that basement.
And then that all led out to the pool that, you know, honestly, at the time,
pool was probably one of the nicest pools I've ever seen. I mean, it had a
I mean, people had a pool with a cave in their backyard.
By 2001, the money coming in can't keep up with the money going out.
But Urban Beck has a plan.
As former Kentucky Post reporter Bob Driehaus explains, Erpenbeck persuades
two good friends, John Finnan and Mark Menne, to have People's Bank lend him
$6 million he's overdrawn on his account.
It was another great sales job. He said, hey, look, we've got a lot of homes
coming online.
We're just in a cash crunch at the moment, and I just need you to cover me
these millions of dollars in overdrafts.
Fennin and many sneak around the board of directors at People's Bank to give
Erpenbeck the money.
But in no time, they find themselves sliding down a slippery slope.
Assistant U .S. Attorney E .J. Walburn later prosecutes Fennin and many for
their participation in the fraud.
I think that probably they panic more and more.
We're into him six million. What do we do? The only way we're ever going to get
out of this hole is to get him more money.
It's how $6 million problems turn into $34 million frauds, and it grows from
there.
Fennin and many reach out to other Kentucky banks and illegally mislead
into lending Erpenbeck another $29 million.
They were representing that the Erpenbeck company was healthy when, in
was a bottomless pit.
Then there's the most destructive act.
Their bank allows Erpenbeck to take nearly 200 checks that aren't made out
him. And instead of using them to pay off his construction mortgages, he
deposits them into his own bank account, leaving hundreds of homebuyers in the
same situation as Linda Harlow, facing the threat of losing their homes.
John and Mark are both honorable men. And I still believe that to this day, I
think what happened is that you have John and Mark.
trying to make this thing go.
And maybe it'll turn itself around and everybody will be made whole and we'll
move forward. But the company was spiraling out of control.
So out of control, in fact, that by April of 2002, the stolen deposits and
-gotten loans have ballooned into a $69 million fraud.
When American Greed returns.
If his banker friends are hoping for a turnaround, Bill Erpenbeck may be a lost
cause. You start looking back going, well, yeah, the guy was vacationing 20
weeks out of the year. You know, the guy was at the bar every night drinking.
You know, who was running this empire if he was doing all this?
In the spring of 2002, home building giant Bill Erpenbeck is the mastermind
$69 million fraud.
being perpetrated in Cincinnati and Kentucky.
Among the victims are more than 250 homebuyers, more than 40 title
and 40 banks.
But remarkably, despite siphoning $69 million of other people's money into his
bank account, Erpenbeck can't keep the company afloat.
The bricklayers, electricians, and carpenters who build the houses start to
notice the company's cash flow problems in 2001.
And the urban bank companies were first slow to pay their subcontractors and
then just stopped paying them.
And when they start going after homebuyers to collect what they're owed,
fraud breaks wide open.
Charles and Sherry Mitchell buy their three -bedroom Urban Beck home in
Independence, Kentucky in 2001.
We went to every builder, looked at every model home. We went to all the
fests. And then when we found this one, of course, this is perfect.
But just months after moving in, the Mitchells receive the world's worst
housewarming gift.
Two liens filed against their home by frustrated subcontractors.
It seems they were hired but never paid by Bill Urbanbeck.
One of the liens is for only $100, but the other is for more than $22 ,000.
I thought it was a joke, and I told him, oh, that can't happen. I didn't believe
it, but we found out it was, you know, true.
For the Mitchells, the situation is dire.
With liens filed against their home, it could be foreclosed upon through no
fault of their own.
It's an unthinkable result.
All the money that we had, we put in to just getting in this house.
We were spent out.
Charles Mitchell calls Bill Erpenbeck personally to resolve the liens.
I called him, and I talked to him briefly over the phone, and he said it
big mistake. He apologized and all that, and he's going to make it right.
Erpenbeck does, in fact, pay off the liens.
But the Mitchells soon realized that those are only the first cracks of the
foundation.
Like hundreds of other homebuyers, the Mitchells discover Erpenbeck never paid
off his original loan.
and that they could again lose their brand -new house.
We went through hatred.
We went through, we were kind of hysterical. We were scared.
We were outraged. We were all these things.
The Mitchells hire attorney Brandon Volker to take up their case.
This was the actual statement of mechanics and material men's lien that
the Mitchells received, and ironically, it was over $100.
Little did they know at the time that it was substantially more money at issue
with their house other than this $100.
When you bring it down to just its basics, it's just pure stupidity. It's
theft. It's as simple as some person walking into a store.
and shoplifting and just walking out with the item, you know, not even trying
hide it, just carrying it out triumphantly. I just shoplifted from
essentially what was going on with Erfenbeck.
Volker begins a class action lawsuit in the Mitchell's name, but he doesn't go
after Erfenbeck. He sues People's Bank for allowing Erfenbeck to divert checks
not payable to him into his company's bank account.
As Volker contacts title agencies and banks.
Word of the fraud cascades throughout the home building industry, and
knows the fraud is coming to an end.
Four banks and a title company had discovered what Bill Erpenbeck was
doing, confronted him about it, and perhaps he decided that it was in his
interest to come forth to the government before the government approached him.
When American Greed Returns.
Bill Erpenbeck tries to get ahead of the fraud's investigation, and he does it
in disgracefully dramatic fashion.
It just seemed like it was out of a mob movie almost.
Father and son pressuring the daughter into admitting to crimes that she...
In the early spring of 2002, Bill Erpenbeck is spiraling deeper into a $69
million fraud.
He's been diverting checks from homebuyers into his company's bank
are meant to pay off his construction loans, leaving hundreds of homebuyers
holding the bag for his debt and facing the possibility of losing their homes.
But the outside world is catching up to him.
It was about to be discovered because there was just too many people
him, too many people said he didn't have the money and time to pay all these
people off.
On March 22, 2002, Erpenbeck decides to come clean to the government, or his
version of clean, anyway.
Bill Erpenbeck isn't the type of captain to go down with a ship.
In a conference room at the U .S. Attorney's Office in Cincinnati, he
Assistant U .S. Attorney Kathleen Brinkman and FBI Special Agent Kevin
that the fraud was started without his knowledge by the company accountant.
Laurie Erpenbeck, his sister.
It's a dramatic performance.
He cried a little bit, and he tried to put it off on his sister that she had a
rough life. Poor Laurie, you know, she just, I think she just wanted the help.
Laurie Erpenbeck does, in fact, have a hand in the fraud, but is hardly its
mastermind.
Her role in the fraud was primarily depositing the checks.
But she can't handle the deceit.
Months before Bill Erpenbeck goes to the FBI, Lori Erpenbeck leaves the company.
She didn't want to be involved with it anymore.
She was feeling more and more pressure to do things she didn't want to do.
Nevertheless, Bill Erpenbeck determines that Lori needs to take the fall for the
family.
The only girl in the family. And pretty much we determined it was
treated like dirt for most of her life.
The family dynamic is evident in this publicity photo of the Erpenbeck
It's the father, Tony, and three of his sons.
Lori is conspicuously absent.
As the government digs deeper into the fraud.
Bill Erpenbeck's story seems hollow, and it becomes clear that Laurie is simply
a scapegoat.
It became apparent to us in looking at the documents and talking to the other
witnesses that Bill Erpenbeck was involved in the scheme from the
was a leader of the scheme.
But Erpenbeck is determined to squirm his way out of the vice.
He recruited bankers John Fennin and Mark Manning into the fraud.
If blaming his sister doesn't work, maybe turning in the bankers will.
Well, Bill was working at that point in time. He was trying to mitigate his
circumstances. So Bill was out to save Bill.
He turns over recordings of phone conversations with Fennin and many that
clearly implicate that the bankers know about the fraud and that what they are
doing is wrong.
It appears that ratting out the bankers might just work.
He makes a deal with the government. He pleads guilty to one count of bank
fraud. And in exchange for his cooperation, the government will pursue
sentence much less than the 30 -year maximum.
Based on his assistance, making the tapes with Finnan and many, telling us
involvement of other people, it likely would have brought him down to 10 years.
But Bill Erpenbeck isn't one to accept a first offer. He has more tricks up his
sleeve. Bill, in typical Bill Erpenbeck fashion, figured I can manipulate the
system. And once again, his sister Lori is the sacrificial lamb.
Days before she is scheduled to testify at Bill's sentencing hearing in February
of 2004,
Kathleen Brinkman gets some shocking news from Lori's attorney.
He said, Her father is putting pressure on her to lie at this upcoming hearing
related to the sentencing of Bill.
The elder Erpenbeck is asking her to take the stand and the blame.
But Lori has finally had enough.
She agrees to wear a wire and two nights later meet with her father.
As they drive through the streets of Covington, Kentucky, five FBI vehicles
follow. listening to the conversation on a transmitter.
It was rainy.
It was just difficult to follow them. We'd hoped they would stay in the area.
Fortunately, they did.
Tony drives Lori to the Marriott Courtyard in Covington, where the stakes
raised. On the top level of the parking garage, Bill Erpenbeck is waiting.
When Bill got in the car, it was just the tag team. They're asking for her to
take the fall.
to say it's happened on her watch, that she caused it.
Quite frankly, from an investigative standpoint, I don't think we could have
written a better script ourselves.
It was just directing her to do nothing but lie.
Tony told Lori that we need you to step up for the family.
Bill can't go to jail. He has three children that need him.
And, you know, you're single.
more or less throwing Lori under the bus.
It was very sad.
Finally, the FBI determines they've heard enough, and five cars swoop in and
encircle the scene of the crime.
And I'll never forget, when I arrested Bill and went up to him, he got out and
he started crying. He says, I'm going away for 30 years.
The next day, father and son are arraigned on obstruction of justice
Two months later, they plead guilty, and any points Bill had won for cooperation
are now long gone.
Just as he predicted, he's sentenced to 30 years in prison.
Tony Erpenbeck is sentenced to six years, but it isn't the last we'll hear
Bill Erpenbeck's father.
When American Greed returns.
Tony Erpenbeck wants revenge.
How far is he willing to go?
He described in graphic detail what he wanted done. It was violent,
violent death that he was calling for.
In the summer of 2004, three members of the Erpenbeck family sit in prison for
their roles in a $69 million fraud and its aftermath.
The mastermind, Bill Erpenbeck, is guilty of bank fraud and obstruction of
justice and is sentenced to 30 years in prison.
Lori Erpenbeck, his sister, pleads guilty for her smaller role in the fraud
is sentenced to one year.
And their father, Tony Erpenbeck, is sentenced by Judge Arthur Spiegel to six
years for obstruction of justice.
after being recorded trying to convince Laurie to take the blame for the fraud
in order to save Bill.
Tony Lifton died for Bill.
Bill was the all -star in that family, and he's the one that got the respect
and the attention from the father.
Sixty -nine -year -old Tony Erpenbeck once reigned over the mighty Erpenbeck
home -building dynasty.
But now...
feeling that both his and his son Bill's lives are ruined, wants revenge.
In December 2004, Tim Tracy, the FBI special agent who arrested Tony
on the obstruction charges, received news that he'll never forget.
After Tony was sentenced for his obstruction charge and he was
the Lexington medical facility, he had made...
comment to another inmate about killing Judge Spiegel, killing Kathy Brinkman,
and kidnapping my children.
The inmate, John Collins, alerts the authorities and agrees to record further
conversations with Erpenbeck.
Assistant U .S. Attorney Rob Duncan prosecutes the case.
In the first recording, it's Mr. Erpenbeck speaking with Collins about...
what he wants done, how he wants it done. The second conversation is more of
same, but there's more detail. There seems to be a little bit more of a level
specificity.
In language too profane to repeat, Erpenbeck tells Collins he wants the
of Attorney Brinkman and Judge Spiegel mutilated, with body parts cut or shot
off.
His plan for Special Agent Tracy's children is even more sadistic.
He says he wants the 8 - and 12 -year -olds buried alive in caskets with a
leading above ground for air and enough water and crackers to allow them to
survive trapped and terrified underground for a full two weeks, simply
torture of it.
It's one thing to threaten me. I've had it happen a few times.
I'm armed. I can take care of myself.
To threaten a family, it's a different thing.
The inmate, John Collins, leads Erpenbeck to believe that he is capable
carrying out the threats.
And Erpenbeck lets him know he's serious.
I talked about price and $500 ,000 payment initially,
and then an additional amount if it was...
if it was carried out and completed. I think that is when Mr. Ruppenbach made
the statement about if it takes a million, it takes a million.
Knowing it will become public, Tracy decides that he needs to let his
know about the threats.
They were just amazed that someone could be that mean.
But I didn't tell them everything, but it eventually was in the newspaper. My
oldest child read it and was pretty upset.
I mean, had he talked to somebody else other than Mr. Collins, who knows what
would have happened.
Fortunately, the only thing that happens is that on April 7, 2005,
Tony Erpenbeck is indicted on seven counts relating to the plot.
He goes on trial eight months later.
His claim was, I wasn't serious, that I was afraid of Collins, that I was afraid
of prison life, and that he never intended to carry out the threats.
It could conceivably be a persuasive argument until the jury hears the tapes.
I think they resonated.
Certainly, they resulted in, at least in part, in his convictions.
Tony Erpenbeck is convicted on four counts of solicitation for threatening
kill a federal judge and federal law enforcement officer and threatening to
kidnap a federal officer's family members.
It extends his total prison sentence to 20 years.
Once again, it appears that the Erpenbecks have no more options, but
be underestimating their demented creativity.
In the summer of 2009, former home -building giants Bill and Tony Erpenbeck
in federal prisons, serving out long sentences for their participation in a
million fraud and its aftermath.
Lori Erpenbeck has served a one -year sentence for her role in the fraud and
been released.
The Erpenbeck closing agent, Michelle Marksberry, has pleaded guilty to one
count of bank fraud and serves two years.
She's also been released.
Bill's brothers, Gary and Jeff Erpenbeck, are investigated in the fraud
charged.
For the hundreds of homebuyers represented in Brandon Volker's class
lawsuit against People's Bank, there's even a happy ending.
The bank, which allowed illegal deposits into Erpenbeck's account, pays off all
the construction mortgages that Erpenbeck had left on the homebuyers'
My clients went through a lot, but they got what they were supposed to have
gotten from day one, their house free and clear.
It's something Charles and Sherry Mitchell, the initiators of the suit,
proud of.
I felt good that we not only helped ourselves, we helped a lot of other
That was a good feeling.
I can only speak for myself.
I mean, I felt good about that.
Unfortunately for Linda Harlow, she is left dealing with the fallout from
Erpenbeck's fraud for years.
Because Erpenbeck never cleared his original loan on the construction, The
is burdened with an overwhelming amount of debt.
It was $240 ,000 on a house that was worth $142 ,000.
She declares bankruptcy and walks away from the home.
Sometimes you just can't give a house away.
I tried to give clear title to my bank. They couldn't take it. I tried to give
the title back to Urban Beck's lender.
They couldn't take it.
Eventually, she finds recourse by suing her mortgage company, which she believes
botched the closing by not fulfilling its responsibility of making sure
Erpenbeck's loan was paid off.
At the end, it was settled favorably in my case.
You can't get back the frustration.
But, you know, I learned a lot from it.
People's Bank, which is very profitable before the fraud breaks, can't recover
from the money they owe from the lawsuits and are eventually sold.
In June 2004, John Fennin and Mark Minney each plead guilty to three counts
relating to bank fraud and go on to serve five years and four and a half
respectively.
In all, Bill Erpenbeck leaves behind him a trail of destruction.
that lands six people in prison for combined sentences of more than 60 years
defrauds banks, title companies, and homeowners of more than $60 million.
In November 2005, Erpenbeck talks with a Cincinnati news station from prison in
Florida to make one last sales pitch for sympathy.
We all made mistakes.
I did.
John did.
Mark did.
You know, I thought about it a thousand times since then. If I just would have
thought of one thing, if I just would have thought of the customer first, and
not thought of everything else.
But four years later, Erpenbeck thinks he's suffered enough.
In August 2009, hoping to get consideration for a lesser sentence, he
Special Agent Gormley to tell him about personal assets that he had kept hidden
during the original investigation.
Gormley heads to the Federal Correctional Institute in Coleman,
speak to Erpenbeck.
Well, what he told us was that he was not honest with me when he talked to me
the beginning.
What a surprise.
But what he told me is that he gave money to Steve Skidmore.
Steve Skidmore was Erpenbeck's friend and next -door neighbor in 2002 when
Erpenbeck was first under investigation.
And now he's been sold out.
Skidmore bought the house of former Erpenbeck neighbor Glenn Fagan when
moved in 1999.
Bill was one of those guys that would hone in on somebody.
There was always somebody who was rotating out of the cycle, putting under
wing, and taking along for the ride.
But rides with Erpenbeck have a way of getting bumpy.
In prison in Florida, Erpenbeck tells Special Agent Gormley a story from back
2002.
He said he went golfing with Steve Skidmore and they talked in the car.
And he said, hey, I've got the money.
I don't know what to do with it. And Steve offered to add it for him.
Erpenbeck tells Gormley that the money is zipped away in an Erpenbeck company
soft -sided cooler.
that he doesn't know what Skidmore did with it.
Gormley heads back to Kentucky and crafts a plan to pry the secret out of
Skidmore. The special agent enlists Bill's brother, Jeff Erpenbeck, to wear
wire and tell Skidmore that the Erpenbecks are desperate for cash and
know where he's hidden the money.
Steve Skidmore finally admitted after some time that, okay, this is legit.
I need to get this money to Bill.
He tells Jeff Erpenbeck he buried it on the golf course behind his house, 46
paces off the third tee box.
Within the week, the FBI starts digging.
Here's the third hole, the golf course, really 46 paces from here.
But agents soon begin to doubt that X marks the spot.
It's been years, and a lot has changed. So that landscape and the roots have
grown over, so it's really some tough digging.
After five long hours of digging, one of the agents finally spots the corner of
a $100 bill.
And I almost didn't believe it, because we had been out there for so long
digging. And sure enough, we could see remnants of a cooler.
The agents unearthed the same soft -sided Erpenbeck company cooler that
Erpenbeck had described.
Could this be the remnants of Erpenbeck's $69 million scam?
It was in horrible condition when we found it. It was wet, it was damp, it
torn up, and there was nothing done to protect the integrity of the case or the
funds.
Nevertheless, the agents are able to salvage enough pieces to send to the
Department of the Treasury.
And they received back a check for $257 ,611.
Skidmore, who had previously told Gormley he knew nothing about hidden
charged with making false statements to a federal agent. His excuse is sadly
naive. I just said he did it for Bill.
It was just, again, blind loyalty.
He was furious.
And in a way, I understand his frustration.
He didn't take any of the funds.
You know, it can only be filed under the category of no good deed goes
unpunished. You know, he wasn't involved with Bill in any way, shape or form
other than a drinking buddy and a golf buddy and thought he was doing Bill a
favor.
Skidmore pleads guilty and is sentenced to 16 months in prison.
Bill Erpenbeck's betrayal is all for nothing.
He doesn't get a single day taken off his sentence.
He only accomplishes landing one more friend in prison.
Steve Skidmore would not be in prison if it were not for Bill Erpenbeck.
Laurie Erpenbeck would not be in prison.
Michelle Marksbury would not have gone to prison.
I don't think the bankers would have gone to prison without Bill Erpenbeck.
Erpenbeck is still scheduled to be released in 2025.
But with Bill Erpenbeck, You never know what might happen.
I don't think we've heard the last. There's probably something else going to
come up. This is a case that never ends.
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