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Ankeny entrepreneur who admitted to blowing up customers’ money on the “game” and “irresponsible spending” was sentenced on December 18, 2025 to three years in federal prison. According to court recordshe was punished for lying during bankruptcy proceedings.
Louis Grant Peterson, also known as “Chip Peterson,” is 61 years old and formerly owned Legacy Siding and Windows, an exterior construction company based in Ankeny. Prosecutors say Peterson collected hundreds of thousands of dollars in deposits from clients for home improvement projects he never completed. He later told the FBI that he spent much of that money on gambling and other personal expenses.
Ankeny man sentenced to three years in prison for bankruptcy fraud https://t.co/ddb1hfUE7S
– U.S. Attorney’s Office – Southern District of Iowa (@USAO_SDIA) December 23, 2025
Court records also show this was not the first time Peterson had encountered problems. In 2024, he was convicted of theft in Woodbury County after receiving more than $50,000 in advance for construction work that was never completed.
Bad reviews show a pattern of behavior
According to a Yelp goodbyeone user met Peterson in Des Moines in 2017. They then sent a deposit to begin repairs, but added, “The work was never finished and we were told they didn’t use all our money, that his partner had scammed him, and that we had to wait until Chip cleared everything with the courts. We heard nothing and the work is not finished. The latest [conversation] It was in 2019.”
Similar reviews were seen on the company’s Facebook page, but they have not been independently verified.
Ankeny entrepreneur admits to wasting client funds in federal fraud case
After racking up nearly $1 million in unsecured debt, Peterson filed for bankruptcy protection. But in the process, he made several false statements about his job, businesses, income, bank accounts, tools, equipment, electronics and jewelry. Investigators said Peterson later admitted he had “no idea” where the income figures he reported came from and acknowledged he hadn’t paid taxes in several years.
Authorities also said that even after being federally charged, Peterson asked for $17,000 bail for a window installation job he never completed. The money was eventually returned after the victims filed a complaint with the Iowa Attorney General’s Office.
The case was announced by United States Attorney David C. Waterman of the Southern District of Iowa. The FBI investigated the case with assistance from the United States Trustee’s Office, and Assistant United States Attorney Joseph Lubben prosecuted the case.
Featured image: Old coverings and windows via NextDoor
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