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Former CEO of creamery pleads guilty to loan fraud

Richard Ghilarducci, the former CEO of Humboldt Creamery, pleaded guilty in federal court in San Francisco to loan fraud, according to the United States Attorney in San Francisco.

U.S. Attorney Joseph P. Russoniello announced that Ghilarducci had admitted to falsifying the yearly financial statements to the creamery from 2005 through 2008 to hide its losses and prevent its lenders, including CoBank, from discovering its true financial condition. In the end, Humboldt Creamery was unable to keep up its loan payments with CoBank and defaulted, resulting in losses of at least $7 million.

Ghilarducci was with the creamery, which was founded in 1929 and was an important factor in the local economy, for more than 20 years. The charge he pleaded guilty to was one count of loan fraud.

Read the full article in Media Newswire.

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