Former manager of marine company indicted for wire fraud

DAVENPORT – A former manager of a marine distributors company in Coralville was indicted last month in U.S. District Court for a scheme involving diverting $125,000 of company funds into his personal bank account.

Corey David Hagen, 45, of Coralville, former vice president of International Marine Distributors, LLC in Coralville, was charged July 20 with five counts of wire fraud. He is accused of directing buyers of the company's boats to wire funds from August 2006 to August 2008 into his personal Liberty Bank checking account, according to the indictment.

Hagen's company, formed in 2005 and collapsed in 2006, served as a distributor for Whittley, USA, a manufacturer and seller of recreational boats in Australia, according to the indictment. Hagen continued to sell International Marine Distributors boats after the collapse to wrap up the business and minimize losses.

The indictment contends Hagen was aware proceeds from the sales should have been deposited into the corporate account.

Hagen also made false misrepresentations to conceal facts from buyers of the boats and officers of the company regarding the sales, according to the indictment. He also made false statements regarding boat titles in order to obtain duplicates and conceal the boat sales from the company.