Feds charge Deca Financial founder in $5M fraud

Federal prosecutors on Wednesday filed felony bank fraud, wire fraud and bankruptcy fraud charges against the founder of defunct Fishers collection agency Deca Financial.

Todd Wolfe, 52, was arrested at his home Wednesday morning and could face decades in prison and fines if convicted of the $5 million theft.

Deca, which collected on delinquent loans for health care, student loans and financial services, was founded in 2009 and at one time employed more than 75 people.

Federal prosecutors allege Wolfe filed financial reports with BMO Harris bank that inflated the value of the company, and he used the proceeds on his home, a sports car, personal credit cards and a lake house.

He also is accused of selling $1 million of worthless Deca stock to an unsuspecting investor. The bankruptcy fraud charge stems from a claim made in bankruptcy court that Wolfe had a living trust worth more than $14 million, Acting U.S. Attorney Josh J. Minkler said in a written statement. The actual value of the trust was $52,000.

The charges are the result of a joint investigation of the FBI and U.S. Bankruptcy Trustee.

U.S. District Bankruptcy Judge Robyn Moberly in April approved a request by Deca’s bankruptcy trustee to terminate and wind down operations of the company.


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