Springfield restaurant owner pleads guilty to fraud, money laundering

A Springfield business owner who ran half a dozen local restaurants pleaded guilty Wednesday in federal court to charges of bank fraud and money laundering.

Bruce Swisshelm, 68, who used to own Ebbett’s Field and operated five other restaurants in Springfield submitted false financial documents to Great Southern Bank to approve commercial loans totaling more than $5.5 million in 2011, according to a plea agreement.

Swisshelm submitted information to Great Southern Bank that would indicate he had a net income of $780,000 in 2010, when in reality his losses that year exceeded $1.8 million, the agreement say.

As part of the plea agreement, Swisshelm must forfeit the $5.5 million he was loaned from Great Southern.

The money laundering charge stems from a $60,000 withdrawal Swisshelm made from those funds.

Swisshelm’s son — Bruce Swisshelm II, 43 — also pleaded guilty Wednesday to withholding information on a crime.

The maximum sentence for bank fraud is 30 years in prison, and the maximum sentence for money laundering is 10 years in prison. Online documents do not indicate whether or not Swisshelm will spend time in prison as part of his plea agreement.

Federal court spokesman Don Ledford said sentencing would be determined at a later date.

Charging documents say Swisshelm operated a Burger King, Macaroni Grill, San Francisco Oven, McAlister’s Deli and Fog City Coffee.

Swisshelm filed for Chapter 7 bankruptcy in 2012. Documents listed his assets at $7.62 million but said he had liabilities of $17.6 million.

The bankruptcy documents said Swisshelm had a $120,000 gambling debt at a casino in Biloxi, Mississippi.

Swisshelm’s attorney did not immediately return a phone call seeking comment for this report.

The area director for McAlister’s Deli contacted the News-Leader and said Swisshelm did not own any local McAlister’s but instead one in Jacksonville, Florida.