Media Center

New Holstein Resident Convicted Of Theft And Securities Fraud


NEW HOLSTEIN - Attorney General J.B. Van Hollen announced that on May 11, 2009, Denver Kalkofen (age 54) of New Holstein, Wisconsin was convicted of four counts of theft in a business setting and two counts of securities fraud, occurring between 1998-2009.


The maximum possible penalty for theft is a term of imprisonment not to exceed 10 years or a $10,000 fine, or both, as to each count.  The maximum possible penalty for securities fraud is a term of imprisonment not to exceed 6 years and a fine of not more than $10,000, or both, as to each count.


Ms. Kalkofen today entered a plea of no contest to the charges.  The Hon. Donald A. Poppy, Circuit Court Judge for Calumet County, accepted her pleas and adjourned the matter for a presentencing investigation.  The sentencing hearing is scheduled for July 28, 2009 at 10 a.m. in the Calumet County Circuit Court, Chilton, Wisconsin.


The criminal complaint alleges that Ms. Kalkofen was a licensed securities agent in Wisconsin.  As early as 1998, Kalkofen advised several of her clients that she had other investment opportunities through a company known as “Denuer,” a business that does not appear to exist.  These clients would typically make the checks out to “Denuer” or “cash” and provide them to Kalkofen.  An examination of Kalkofen's bank accounts reflects that Kalkofen deposited these checks into her personal bank accounts.  The total amount of funds obtained between 1998 and 2009 exceeded $2.4 million.  In addition, further examination of these accounts document that more than $1 million of these funds were spent on casino-related expenses.  Kalkofen presented statements to some of her customers which purported to show investment values and rates of return.  However, Kalkofen did not invest any of the money that the customers gave to her on their behalf.  The complaint alleges that there were more than 25 victims residing in Calumet, Sheboygan, Brown, Dane, Manitowoc, Oconto, Ozaukee, Vilas, and Washington Counties.


The charges are the result of an investigation by the Securities Division of the Wisconsin Department of Financial Institutions with assistance from the Calumet County Sheriff's Department.  Assistant Attorney General Donald V. Latorraca represents the state.


A copy of the criminal complaint is available at:

2009 file: