Former Dixon, Ill., Comptroller Rita Crundwell entered a guilty plea last week to federal fraud charges for stealing $53 million in city funds since 1990 to fund a lavish lifestyle that included a quarter horse farming business.

Crundwell, 59, also admitted to money laundering. She faces up to 20 years in prison and a $250,000 fine, according to the U.S. attorney’s office in Chicago. A sentencing hearing is set for Feb. 14.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.