MOSINEE, Wis. (WSAW)-- The 75-year-old Mosinee man convicted of stealing a $500,000 loan from a prominent central Wisconsin business owner is scheduled to be sentenced Sept. 13.
James Dupuis pleaded guilty to theft in December 2017.
According to court documents, in 2010, the victim gave Dupuis a $500,000 loan at 12% interest for the purpose of funding a company to flip houses. The practice is when someone purchases a home in foreclosure, or in need of repairs, and makes the repairs, then sells it for a profit. The Department of Financial Institutions shows an LLC was established in 2010.
Court documents state as of May 2016, no effort had been made to repay the loan. The victim said he received a hand written apology at that time. Financial records cited in court documents, state money transferred from the business account was deposited into a personal account and used to open a “slush” fund account. Paperwork showed as the “slush” fund dwindled, money was put into the account from the business account.
The expenses from the account included three trips to Las Vegas, withdrawals at casinos from Wisconsin, Nevada and California, airline tickets, and out of state hunting trips. The amount also included a personal loan for $50,000 given to a friend.
Prosecutors said beginning in June 2010, Dupuis transferred almost $380,000 from the business account to his personal account. With the exception of $309.15, transfers were in $1,000 or $100 increments.
In his apology letter, Dupuis writes that he will sell his house and work another 10 years to repay the debt.