Photo: Getty Images
(Cedar Rapids, IA) -- Two former Go Cedar Rapids (GoCR) executives are charged with bank fraud. Aaron McCreight and Doug Hargrave are accused of coming up with a scheme to defraud a Cedar Rapids bank, to finance the Newbo Evolve, three-day music festival in 2018. The men are accused of misrepresenting Newbo Evolve ticket sales, revenue, expenses and losses, to get hundreds of thousands of dollars in loans to finance the music festival.
McCreight of Dothan, Alabama is charged with one count of bank fraud. Hargrove of Puyallup, Washington is also charged with one count of bank fraud.
If convicted, McCreight and Hargrave each face a possible maximum sentence of 30 years’ imprisonment, a fine, and a period of supervised release following any imprisonment.
The Newbo Evolve festival lost $2.3 million dollars in its inaugural year.