Davenport Chiropractor Charged with False Statements, Bank Fraud, and Money Laundering for PPP Loan and Mortgage Fraud Schemes

DAVENPORT, IA – A Davenport man made his initial appearance today in federal court in Davenport on false statements to a financial institution, bank fraud, and money laundering charges.

Jason Rannfeldt, 51, is charged in a 14-count indictment returned on March 7, 2023. According to court documents, Rannfeldt owned and operated Rannfeldt Clinic or Rannfeldt Family Chiropractic between October 1998 and April 2021 and claimed to own and operate four additional businesses: Perfect Fit Coaching, LLC; PF Nutrition Counseling, LLC; RC Orthotics, LLC: and RC Performance Therapy, LLC. Between January 2021 and May 2021, Rannfeldt submitted eleven false and misleading Paycheck Protection Program (PPP) loan applications to various financial institutions on behalf of these businesses. Rannfeldt included supporting documents with the PPP loan applications, including tax documents, that contained false or fraudulent misrepresentations. Rannfeldt obtained or attempted to obtain approximately $1,100,000 in PPP loan funds through the submission of the false and misleading PPP loan applications and supporting documentation.

Additionally, on August 9, 2021, Rannfeldt submitted a false and misleading residential mortgage loan application to GreenState Credit Union and provided supporting documents containing false or fraudulent misrepresentations. GreenState Credit Union approved the mortgage loan in the amount of $588,750.

Rannfeldt is charged with seven counts of false statements to a financial institution, six counts of bank fraud, and one count of money laundering. If convicted, he faces maximum sentences of 30 years in prison for each of the false statements to financial institutions and bank fraud counts, and 10 years in prison for money laundering. A federal district court judge will determine any sentence after considering the United States Sentencing Guidelines and other statutory factors.

United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. The Internal Revenue Service–Criminal Investigation, Federal Bureau of Investigation, and Small Business Association–Office of Inspector General are investigating the case.

An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.