BILLINGS — A Lewistown man right this moment admitted to defrauding a financial institution and a credit score union after acquiring greater than $1 million in loans for his cattle ranching enterprise, U.S. Legal professional Jesse Laslovich stated.
Eric Edward Mack, 43, pleaded responsible to financial institution fraud. Mack faces a most of 30 years in jail, a $1 million high-quality and 5 years of supervised launch.
U.S. Justice of the Peace Decide Timothy J. Cavan presided. A sentencing date can be set earlier than U.S. District Decide Susan P. Watters. The courtroom will decide any sentence after contemplating the U.S. Sentencing Pointers and different statutory components.
The federal government alleged in courtroom paperwork that from November 2015 to January 2018, Mack utilized for and acquired a number of working loans from Garfield County Financial institution and from the Fergus Federal Credit score Union for his cattle ranching enterprise. On the Garfield financial institution, Mack had loans totaling roughly $885,000 from 2015 to 2017, and on the Fergus credit score union, Mack had loans totaling roughly $250,000 from 2016 to 2018. Mack secured loans at each companies, with gadgets, together with cattle belonging to him. The federal government additional alleged that between April 18, 2018 and June 14, 2018, Mack offered cattle, totaling greater than $50,000, that have been securing the Garfield and Fergus loans. Mack didn’t pay any of the proceeds to both the financial institution or credit score union. The cash ought to have been paid to the financial institution and credit score union as a result of the cattle secured Mack’s loans.
The U.S. Legal professional’s Workplace is prosecuting the case, which was investigated by the FBI.
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