A former southwest Iowa auctioneer has admitted to a fraud scheme that netted him hundred of thousands of dollars from the federal government. Former Thurman resident, Robert Duncan, pled guilty to defrauding the Social Security Administration, filing a false income tax return and making a false statement to a financial institution.
The pleas are connected to Bob Duncan and Associates, the auction business he used to run. Duncan admitted he received between $200,000 and $400,000 in Social Security benefits between 1993 and 2011 that he was not entitled to. He also admitted to underreporting his income on his 2008 tax return, and to providing false documents to the Treynor State Bank for a $225,000 loan in 2005.
Duncan will be sentenced on June 11th in Council Bluffs, with a possible maximum sentence of 30 years in prison and one million dollars in fines.