Princeton Man Charged For $350,000 Theft From Elderly Boss
MINNEAPOLIS (WCCO) – The Mille Lacs County Attorney has filed multiple felony charges against a Princeton man for defrauding an 82-year-old businessman out of hundreds of thousands of dollars, according to the Minnesota Department of Commerce.
Adam R. Reichow, 43, is charged with two counts of racketeering, three counts of theft by swindle and two counts of filing a false tax return. His wife, Mary Kay Reichow, is also charged with two counts of filing a false tax return.
According to the criminal complaint, Adam Reichow was hired in 2010 to work as a general laborer in the victim's business, Dalchow Seeds. As the victim's health declined, Adam Reichow's responsibilities expanded to managing accounts and sales and handling business funds.
From 2010 to 2012, Adam Reichow received more than $350,000 in checks from the victim, all issued from the victim's personal and business checking accounts, the complaint states. The victim did not know about the thefts until creditors contacted him to collect overdue bills.
The complaint also states Adam Reichow used the money to purchase three farm properties, buildings, livestock and machinery.
Adam Reichow and his wife filed tax returns showing a federal adjusted gross income of $13,852 in 2010 and $11,519 in 2011. Bank records show that the couple received $219,000 from the victim in 2011 alone.
The Minnesota Commerce Fraud Bureau and Mille Lac County Sheriff's Office investigated the case.