The Federal Reserve asserts that Winterhof falsified documents crucial to the functioning of the bankruptcy procedures while he was employed as a senior vice president in commercial banking at VisionBank. Before we go on to the rest of the story, which will be covered in detail, let’s take a closer look at Tanner Winterhof.
Tanner Winterhof: An Overview
Tanner Winterhof presents himself as a self-described supporter of farmers when he first arrives from the fields near Aurelia, Iowa, but a closer look reveals a different picture. Despite his self-promotion as an innovator and educator, recent events cast doubt on his integrity and commitment to the values he claims to promote.
Despite being a co-host of the “Farm4Profit Podcast” and claiming to be dedicated to supporting farmers, Winterhof has come under fire for his recent involvement in a financial scam.
The Federal Reserve chastised him while he worked at VisionBank of Iowa for allegedly forging paperwork, which resulted in large losses for the bank. Winterhof has raised questions about his suitability to represent the farming community by, among other unethical actions, utilizing forged signatures and supervising the inappropriate use of loan proceeds.
Further raising questions about the hiring practices of financial organizations is Winterhof’s quick move to Availa Bank, where he was able to secure a position as an executive vice president and loan officer.
Even though Availa Bank claimed not to be aware of any investigation against Winterhof, they quickly removed him off their staff page in response to media attention. This episode focuses on possible unethical behavior and a lack of investigation during Winterhof’s tenure.
Despite his stated commitment to sustainable farming practices and community development, Winterhof’s actions at VisionBank reveal a contradicting reality. The incident has undermined public trust in his advocacy efforts and raised questions about the authenticity of his professed dedication to the welfare of farmers.
In conclusion, Tanner Winterhof’s recent involvement in a financial catastrophe and his problems with honesty and openness cast suspicion on his polished public appearance. It’s uncertain if farmers and other farming community members, who would have looked to him for leadership, genuinely think he is dedicated to their cause.
Tanner Winterhof: Executive Steps Down Following Claims of Forgery at Iowa Bank
The Federal Reserve censured Tanner Winterhof for allegedly falsifying documents at VisionBank of Iowa, causing the bank to suffer large losses. Winterhof was able to find work at another bank even after he was fired from VisionBank last year.
According to the Federal Reserve, Winterhof falsified documents about loans he provided to a client, including a subordination agreement.
Federal Reserve’s Official Enforcement Measure
Winterhof’s activities ultimately cost the Bank at least $100,000 in losses and legal fees, according to the Fed, which claimed in a formal enforcement action that “the documents at issue were central to subsequent bankruptcy proceedings to which the Bank was a party.”
In particular, Winterhof allegedly used Melissa Dyer’s initials, a loan executive at the Department of Agriculture’s Farm Service Agency, as a stand-in on a “subordination agreement,” which assigns loans based on priority, according to a bankruptcy petition that listed VisionBank as a creditor. The FSA then alerted VisionBank to the fraudulent nature of the subjection agreement.
The bankruptcy declaration states that Dyer’s name was misspelled in the phony signature.
The actions of Winterhof “showed a deliberate or persistent disrespect for the safety and soundness of the Bank,” according to the Federal Reserve, and he “directed that a customer’s loan funds be used in a manner that was contrary to the intended use of the loans as stated in the useful financing documents.”
Winterhof consented to the Fed’s order to be released and promised to follow it. However, he is not required to admit or deny any wrongdoing. The ruling, which became operative on September 26, prohibits Winterhof from holding a position of leadership in any banking institution.
According to the Fed, Winterhof was fired by VisionBank in January of 2022. Heather Miller, the CEO of VisionBank, told CNN that she currently has “no further clarification, beyond what was released by the Federal Reserve.”
Availa Bank’s Statement and Unknowledge
Then, on Thursday, Winterhof went to Availa Bank, which also has its headquarters in Iowa, where he worked as a vice president and loan officer, according to his LinkedIn profile and the bank’s previous employment page.
But shortly after CNN approached Availa Bank for a comment, Winterhof was removed from the staff page. CNN was notified via email by an Availa representative that Winterhof is no longer working with the bank.
The director of marketing, community education, and outreach at Availa, Lisa Irlbeck, issued a statement in which she stated, “Availa Bank was not aware of any investigation against Mr. Winterhof at any point, and any measures initiated by the Federal Reserve System against Mr. Winterhof are entirely unconnected to Availa Bank and its customers.”
CNN reports that in response to multiple calls for comment, Winterhof only sent an automated email indicating that he was unavailable. Furthermore, he deleted his LinkedIn page once CNN began to inquire about it.
Winterhof’s LinkedIn bio originally stated, “I know in a strong business relationship the trust runs on both sides of the street,” implying that he works very hard to gain and maintain the trust of each and every one of his clients.
I am excited to show my enthusiasm for money and helping people achieve financial success to each and every one of my new clients. Everyone who works with me knows right away that I am enthusiastic about money.
As stated in a description released by the Iowa Bankers Association, Winterhof’s dream job has been in banking since he was a little child. He also hosts his podcast, Farm4Profit, on the same platform.
To provide the customer with the best possible customer service experience, you need to put in the effort to understand their needs.
This then translates for me outside of my profession in a variety of different ways, including at home with my family, with friends in the community, and with guests when we conduct podcast interviews,” stated Winterhof.
I still don’t think of myself as particularly skilled in this area, even though working in the financial profession has helped me become a lot better than I was before.
Conclusion
In conclusion, the Federal Reserve’s accusations that Tanner Winterhof falsified documents resulted in large losses for VisionBank of Iowa. The bank’s deliberate disregard for safety and soundness was brought to light by the Federal Reserve’s formal enforcement action, which led to nearly $100,000 in losses and legal problems.
After being fired by VisionBank, Winterhof found work at Availa Bank, but his employment was terminated by an order from the Federal Reserve. Availa Bank stated that neither the bank nor its clients were concerned with the Federal Reserve’s actions, and hence denied looking into Winterhof.
Throughout his career, Winterhof has emphasized trust and financial success in his working partnerships. He has erased his LinkedIn profile and never answered questions from the media. Interest in his work was piqued by his childhood ambition of becoming a banker and his hosting of the “Farm4Profit” podcast.
The case illustrates the challenges faced by financial institutions in guaranteeing the integrity of their workforce and the potential for employees to switch banks during regulatory actions. Due diligence in hiring practices for the banking industry is called into question by Winterhof’s abrupt departure from Availa Bank, which brings to light the allegations and regulatory ramifications he encountered.
