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HAMMOND — A local businessman has been sentenced to eight years in prison for bank fraud, concealment of assets during bankruptcy, wire fraud and filing a false tax return.

U.S. Attorney for the Southern District of Indiana Josh Minkler said Monday that Jack Weichman, 65, of Dyer, was sentenced to 96 months imprisonment by U.S. Chief Judge Philip Simon for bank fraud, concealment of assets during bankruptcy, wire fraud and filing a false tax return.

Weichman also was ordered to pay $4,128,331 to his various victims in this case.

Weichman, a local accountant and business owner, had previously entered guilty pleas to various federal charges.

Weichman, the owner of an accounting practice that bears his name, Weichman & Associates, as well as a medical billing operation known as MMDS, stole millions of dollars from his physician clients during a bank fraud scheme.

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Weichman also hid a $2 million tax debt to the IRS from another bank at a time when he was seeking to renew a loan from that bank. Weichman fraudulently attempted to discharge $2.3 million of debt from his bankruptcy creditors.

Authorities also said Weichman’s employee, William Bercaw, was previously sentenced for his count of wire fraud relating to the money illegally removed from a client’s retirement accounts.

Another Weichman employee, James Schaefer, along with Weichman’s son Ari Weichman, also were previously sentenced for their role in providing false information to U.S. Bancorp in an effort to secure a loan for Jack Weichman’s business, MMDS, by representing to U.S. Bancorp that Ari Weichman was the owner and president of MMDS, when in fact he was not.

This case was investigated by the Federal Bureau of Investigation, the Federal Deposit Insurance Corporation-Office of Inspector General and the Internal Revenue Service-Criminal Investigation Division.

The case was investigated by IRS, Criminal Investigation Special Agent Brian Visalli, FDIC-OIG Special Agent Jason LeBeau and FBI Special Agent Charles Pawelko.

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Southlake County Reporter

Carmen is an award-winning journalist who has worked at The Times newspaper for 20 years. Before that she also had stints at The Clarion-Ledger in Jackson, Miss., The Post-Tribune and The News Dispatch in Michigan City.