MINNEAPOLIS— U.S. Attorney Andrew M. Luger announced that a man from Maryland has been charged in a $35 million bank fraud scheme.
According to court documents, from September 2020 to October 2021, Karl Reid Selle, 38, of Bowie, Maryland, worked with Matthew Thomas Onofrio to create a scheme to defraud banks and credit unions in Minnesota, Wisconsin, and other places.
Onofrio, who ran Northwoods Management LLC, promoted a program for investors to buy commercial real estate in multiple states. He and his company submitted false information to lenders financing these purchases and sometimes changed purchase agreements to achieve higher property appraisals.
The indictment also claims that they withheld key information from lenders, such as Onofrio’s loans to investors for purchasing properties, which should have been disclosed in loan applications.
Selle is charged with conspiracy to commit bank fraud and appeared in U.S. District Court on Oct. 8, 2024, before Magistrate Judge Douglas L. Micko.
The FBI investigated this case, and Assistant U.S. Attorney Robert M. Lewis is handling the prosecution.
