Puyallup Man Charged With Bank Fraud Over Iowa Music Festival

Puyallup WA

05 January, 2022

1:41 PM

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PUYALLUP, WA — A Puyallup man is one of two defendants accused of defrauding an Iowa bank to fund a music festival. The United States Attorney's Office for the Northern District of Iowa announced Tuesday that Aaron McCreight, 46, from Dothan, Alabama and Doug Hargrave, 54, of Puyallup, were each being charged with one count of bank fraud in connection with the 2018 Newbo Evolve music festival. Prosecutors allege that McCreight, then-President and CEO of Go Cedar Rapids, and Hargrave, Go Cedar Rapids Finance Director, intentionally misled a Cedar Rapids bank in order to secure a loan to fund the festival. The duo is accused of misrepresenting the festival's ticket sales, projected revenue and expenses, and costing the bank hundreds of thousands of dollars as a result. Newbo Evolve was a three-day music festival in August 2018, which featured performances by Maroon 5 and Kelly Clarkson, among others. As The News Tribune first reported, the festival ran into several challenges during early planning, and didn't have the money to pay Kelly Clarkson or buy alcohol, so Hargrave and McCreight allegedly gave the bank a false budget to secure the remaining money and salvage the show. Go Cedar Rapids received a $2.2 million loan. Newbo Evolve ultimately lost $2 million, The News Tribune reported. If convicted, both men face up to 30 years in jail, plus additional fines and a period of supervised release after their release.