Visit Dothan CEO indicted on bank fraud charge
DOTHAN, Ala. (WTVY) - Visit Dothan’s Chief Executive Officer has been indicted by a federal grand jury on a bank fraud charge related to an Iowa music festival.
Aaron McCreight, 46, is among two men accused of providing false information to a Cedar Rapids bank to obtain a loan for the three-day event, NewBo Evolve, that flopped in 2018.
McCreight, then CEO of GoCedarRapids and the tourist group’s finance director, Doug Hargrave, are each charged with one count of bank fraud. The charges were filed Tuesday in U.S. District Court in Cedar Rapids.
Documents claim McCreight and Hargrave defrauded the bank by misrepresenting Newbo Evolve’s ticket sales, projected revenue, projected expenses, and the true amount of loss expected.
A few months later, Go Cedar Rapids, $2.3 million in debt, folded and McCreight headed south to Dothan.
Despite his legal woes, Visit Dothan’s Board of Directors are standing by McCreight, though he apparently plans to plead guilty to the charge and faces 30 years in prison.
“The Board of Directors of Visit Dothan recently met and voted unanimously to retain Aaron McCreight as its President and CEO. The Board reached this decision after careful consideration of the present facts and circumstances surrounding the 2018 music festival event held during his tenure at Go Cedar Rapids in Cedar Rapids, Iowa, where Aaron has now admitted guilt, expressed remorse, and a federal judge will rule on a punishment for him in the near future,” Visit Dothan’s board said in a statement.
Complete statement from Visit Dothan Board.
Copyright 2022 WTVY. All rights reserved.
Subscribe to our News 4 newsletter and receive the latest local news and weather straight to your email every morning. Get instant notifications on top stories from News 4 by downloading our mobile apps.