Federal Deposit Insurance Corporation
Office of Inspector General

Jack Weichman, Owner of the CPA Firm Weichman & Associates, Sentenced to 96 Months Imprisonment and Ordered to Pay Over $4,000,000 in Restitution

United States Department of Justice
The United States Department of Justice
PRESS RELEASE
Press Release

FOR IMMEDIATE RELEASE

Tuesday, May 7, 2018

Jack Weichman, Owner of the CPA Firm Weichman & Associates, Sentenced to 96 Months Imprisonment and Ordered to Pay Over $4,000,000 in Restitution

 


HAMMOND, INDIANA –United States Attorney for the Southern District of Indiana, Josh Minkler, announced today that Jack Weichman, 65, of Dyer, Indiana was sentenced to 96 months imprisonment by United States Chief Judge Philip Simon for bank fraud, concealment of assets during bankruptcy, wire fraud, and filing a false tax return. Weichman was also ordered to pay $4,128,331 to his various victims in this case.


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


Weichman is ordered to report to the Bureau of Prisons on July 7, 2018 at 2:00 p.m. to start his prison term. 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 prosecuted by Assistant United States Attorneys Diane L. Berkowitz and Orest Szewciw.
 
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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