Press Releases

For Immediate Release
August 04, 2009 Contact: Charles Evenson

Former New Holstein Resident Kalkofen Sentenced For Theft and Securities Fraud

(Madison) DFI Secretary Lorrie Keating Heinemann announced today that Calumet County Circuit Court Judge Donald Poppy has sentenced former New Holstein Resident Denver A. Kalkofen to seven years in prison followed by eight years of supervision and three years of probation.

The sentence follows Kalkofen’s conviction on May 11, 2009 on four counts of theft in a business setting and two counts of securities fraud.

The criminal complaint and conviction followed an investigation by the DFI’s Division of Securities. The investigation revealed that, from February 1997 through late January 2009, Kalkofen obtained $2,432,435.67 from 26 of her customers by telling them she would invest the money in a company she called Denuer. Instead, she deposited all the money into her personal bank accounts and used the majority of it for gambling. She used approximately $180,000 as payments to a few of her investors, leaving a net loss to them of over $2,251,000 that the court ordered as restitution.

The Wisconsin Department of Justice prosecuted the case.