Todd Wolfe, the founder of Deca Financial Services, has agreed to plead guilty to a pair of felony charges against him, and the other two charges will be dismissed.
Wolfe has agreed to plead guilty to one count of bank fraud and one count of bankruptcy fraud. Two charges of wire fraud will be dismissed. The bank fraud charge carries a sentence of up to 30 years in prison and a $1 million fine. The bankruptcy fraud charge carries a term of up to five years in prison and a $250,000 fine. The District Court in Indianapolis will determine the final sentencing.
Wolfe has agreed to pay $1 million in restitution to the victims of the bank fraud and bankruptcy fraud charges.
Deca, which operated in Fishers, Ind., collected on unpaid healthcare, student loan and financial services debts. It employed as many as 75 employees at its peak.