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Reinhard out on bond
(Northwest Florida Daily News (Fort Walton Beach) Via Acquire Media NewsEdge) Nov. 1--SANTA ROSA BEACH -- Donald W. Reinhard, who was arrested Tuesday on multiple federal charges, including bankruptcy fraud and filing false tax returns, was released on bond Thursday.
His attorney, Stephen Dobson, said Reinhard's sister put up her house as collateral and his brother deposited $15,000 in the court registry to ensure his release.
Reinhard has entered a not-guilty plea "and plans on vigorously defending himself," Dobson said.
Reinhard, 47, is a former Tallahassee investment banker who once served as chairman of the board for the Florida State Seminole Boosters. He also previously served on the board of directors for the Seaside Institute and recently joined Santa Rosa Beach-based Maxamillion Mortgage.
Phone calls to the institute and mortgage company were not returned.
Federal agents arrested Reinhard at his home in Santa Rosa Beach on a 23-count federal indictment that also included charges of bank fraud and making a false loan application. The arrest came after a two-year investigation by federal agents into whether he used bankruptcy proceedings to get rid of millions of dollars in debt.
In addition to the bankruptcy fraud and false tax return charges, the indictment charges Reinhard with illegally transferring hundreds of thousands of dollars to family members, trying to hide two boats with a combined value of more than $500,000 by moving them to the Bahamas and making false statements to federal officials.
If convicted on all the charges, Reinhard faces up to 214 years in prison and more than $6 million in fines.
A court date has been scheduled for Jan. 5.
Timelines on federal cases move much more quickly than for state cases, Dobson said. However, the court date likely will be postponed because of the amount of paperwork and discovery involved in the case, he added.
To see more of the Northwest Florida Daily News or to subscribe to the newspaper, go to http://www.nwfdailynews.com.
Copyright (c) 2008, Northwest Florida Daily News, Fort Walton Beach
Distributed by McClatchy-Tribune Information Services.
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