May 19, 2010 - A 58-year-old Cambridge man pleaded guilty today in federal court in Minneapolis to robbing the People’s National Bank in North Branch on October 5, 2009. Appearing before United States District Court Judge James M. Rosenbaum, Rick Steven Wallat pleaded guilty to one count of bank robbery. Wallat was indicted on October 21, 2009.
In his plea agreement, Wallat admitted stealing $8,850 from the bank. According to a law enforcement affidavit filed in the case, Wallat entered the bank at 11:30 a.m. on October 5 and approached a teller. He handed her a demand note and said, “Don’t do anything stupid.” After obtaining a bag of money from the teller, Wallat grabbed his demand note and exited the bank. He then walked across the street, got into a vehicle, and headed south on Interstate 35. A short time later police spotted that same vehicle traveling westbound on Isanti County Road 9 and conducted a traffic stop. Inside the car, officers found a dark stocking cap, insulated gloves, a black handbag containing cash, and a demand note. Wallat was immediately arrested.
For his crime, Wallat faces a potential maximum penalty of 20 years in prison. Judge Rosenbaum will determine his sentence at a future hearing, yet to be scheduled. This case is the result of an investigation by the Chisago County Sheriff’s Office and the Federal Bureau of Investigation.
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