US Attorney: Iowa Man Pleads Guilty to $21,992,037 Money Laundering

Curtis Weston, a resident of Rockwell City, Iowa, pleaded guilty to one count of money laundering on Oct. 2, 2026, following an investigation into the theft of more than $21.9 million in loan funds. The U.S. Attorney’s Office reported that the fraudulent scheme involved the unauthorized use of Weston’s name and the names of 26 other individuals to secure the loans, KTIV reported.

The Mechanics of the Fraudulent Loan Scheme

According to a press release from the U.S. Attorney’s Office, the scheme relied on an internal accomplice at a bank. This individual, who was employed at the financial institution, allegedly processed the fraudulent loan applications and transferred the proceeds directly from the bank’s general ledger into a bank account held by Weston. In total, at least $21,992,037 was deposited into this account through the illicit process.

Weston admitted in his plea agreement that he and a co-conspirator maintained collective and individual accounts at an online brokerage based in New York. The U.S. Attorney’s Office stated that it intends to demonstrate during the sentencing phase that the entirety of the $21,992,037 was subsequently transferred from Weston’s bank account to his accounts at the New York brokerage firm.

Weston Faces Prison for Stealing Loan Funds

Beyond the primary transfer of funds, Weston admitted to an additional act of financial misconduct. He acknowledged in his plea agreement that he took $20,000 from the fraudulently obtained loan pool and illegally transferred those funds to a separate account at a different bank.

Weston is currently released on bond while awaiting his sentencing hearing. He faces a maximum possible penalty of ten years in federal prison, a fine of up to $250,000, and up to three years of supervised release following the completion of any prison term.