Rapid City Man Charged with Multiple Counts of Fraud and Money Laundering

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FILE PHOTO: The U.S. Department of Justice Building is pictured

United States Attorney Alison J. Ramsdell announced that a Rapid City, South Dakota, man has been indicted by a federal grand jury for five counts of Bank Fraud, eight counts of Money Laundering, and one count of Wire Fraud.

Steven Arthur Knigge, 76, was indicted in July 2022.  He appeared before U.S. Magistrate Judge Veronica L. Duffy on August 3, 2022, and pleaded not guilty to the Indictment.

The maximum penalty upon conviction is 30 years in federal prison and/or a $500,000 fine, five years of supervised release, and $100 to the Federal Crime Victims Fund.  Restitution may also be ordered.

The charges stem from Knigge devising a scheme to defraud Rapid City banking institutions for his own personal gain between April 2021 and October 2021, and for filing a fraudulent application under the Paycheck Protection Program.  The charges are merely an accusation and Knigge is presumed innocent until and unless proven guilty.   

The investigation is being conducted by the Internal Revenue Service-Criminal Investigations.  Assistant U.S. Attorney Benjamin Patterson is prosecuting the case.

Knigge was released pending trial.  A trial date has been scheduled for October 11, 2022.

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