A former Ankeny contractor is facing three years in federal prison after admitting to a pattern of deception and misuse of customer funds. Louis Grant Peterson, known as “Chip Peterson,” built a business on promises, then allegedly squandered the money entrusted to him.
Peterson, once the owner of Legacy Siding and Windows, collected substantial deposits for home improvement projects, often leaving them unfinished. The FBI later learned a significant portion of these funds vanished into a cycle of gambling and irresponsible spending.
This wasn’t an isolated incident. Court records reveal a prior conviction in 2024 for theft in Woodbury County, stemming from over $50,000 taken for uncompleted construction work. A disturbing pattern of taking money and failing to deliver was beginning to emerge.
One homeowner, after meeting Peterson in Des Moines in 2017 and providing a deposit, found themselves years later with an unfinished job and unanswered calls. They were told the funds were lost due to a partner’s alleged scam, and a promise of resolution never materialized.
Similar complaints surfaced online, painting a picture of frustrated customers left with incomplete projects and dwindling hope. While not all accounts could be independently verified, the sheer volume suggested a systemic issue.
Facing nearly $1 million in debt, Peterson filed for bankruptcy. However, the proceedings were marred by a series of false statements regarding his employment, businesses, income, and assets – a deliberate attempt to mislead the court.
Investigators discovered Peterson had no recollection of the income figures he provided and admitted to years of unpaid taxes. The deception continued even after federal charges were filed, with Peterson allegedly accepting a $17,000 deposit for a job he ultimately abandoned.
Fortunately, the victims of this final scheme filed a complaint with the Iowa Attorney General’s Office, leading to the return of their money. The case, prosecuted by Assistant U.S. Attorney Joseph Lubben, underscores the consequences of financial dishonesty and broken trust.
The investigation was a collaborative effort between the FBI and the Office of the United States Trustee, culminating in a judgment against Louis Grant Peterson for false declaration in bankruptcy. His actions serve as a stark warning to those who exploit the trust of homeowners for personal gain.
