A Milwaukee man with a history of bank fraud in southeastern Wisconsin is facing new charges in Racine County.
Kenneth Tipton was indicted in Racine County Circuit Court on Tuesday after being remanded on a $10,000 warrant with one count of fraud against a financial institution. If found guilty, he faces up to 10 years in prison and/or up to $25,000 in fines. Because he is a repeat offender, he could have an additional four years added to his sentence.
Criminal complaint: Fraud against a financial institution
According to the criminal complaint, Tipton on March 3, 2022, opened checking and money market accounts at Johnson Bank with checks for $75,000 drawn on a Wells Fargo account and $60,000 drawn on a Chase Bank account respectively. On March 4, 2022, he walked into Johnson’s Bank and withdrew $11,000 in cash from its money market and three bank checks totaling over $37,000.
Police say the two checks Tipton deposited to set up his accounts were returned to Johnson Bank as a “closed account” and charged back. Bank monitoring clearly shows Tipton at the Racine and Mount Pleasant branches.
Court records indicate Tipton has a variety of criminal fraud convictions dating back to 1997 in Milwaukee, Ozaukee and Waukesha counties.
Tipton remains in the Racine County Jail on $400 cash bond and $5,000 signing bond. He will then be in court on May 4 for his preliminary hearing.
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