gavel7.jpg

Sun-Times file photo

Woodridge theater owner gets 5 years for $5M fraud scheme

SHARE Woodridge theater owner gets 5 years for $5M fraud scheme
SHARE Woodridge theater owner gets 5 years for $5M fraud scheme

A west suburban Woodridge cinema owner was sentenced to five years in prisonThursday for sales tax fraud and a bank fraud scheme that netted him nearly $5 million.

Ted Bulthaup, 59, pleaded guilty in July to sales tax evasion and financial institution fraud, according to the Illinois Attorney General’s office.

Between Jan. 2013 and Jan. 2014, Bulthaup underreported his taxable sales the Hollywood Blvd. in Woodridge and Hollywood Palms in Naperville, prosecutors said.

The Woodridge residentalso underreported sales and gave inflated income figures between August 2011 and June 2013 to get loans from a First Community Bank branch in Plainfield, the US Small Business Administration and the Illinois Department of Commerce and Economic Opportunity, prosecutors said.

“Ted Bulthaup engaged in a pattern of lying about the financial condition of his company in order to secure approximately $4.8 million in refinancing for what was a failing business,” SBA Special Agent T.J. Gaylor said in a statement.

He owes about $2 million to the state, nearly $400,000 to the bank and more than $1 million to SBA, prosecutors said.


The Latest
The Sox’ Yasmani Grandal and Anderson and the Yankees’ Donaldson were at the center of the dustup. There were no punches or ejections.
Favorite Epicenter made a hard charge up the rail to finish second. But Jose Ortiz guided Early Voting inside before the finish line well ahead of Epicenter, who was also second in the Kentucky Derby.
Gomez was a few days shy of 27 when a 14-year-old attacked him at the Cicero Green Line station, authorities said. His family described him as fiercely protective, fighting for custody of his son and planning on becoming a police officer.
The Cubs catcher quickly moved past his latest ejection — his third since last July 24 — and touched upon losing and an uncertain future. “I’m really good where I’m at right now.”
A man was wounded by a security guard during a shootout at Millennium Park.