Lewistown Man Admits Fraud with Cattle Ranching Business
Released August 4th, 2022
Last Thursday, Eric Edward Mack, 43, Lewistown, plead guilty to bank fraud after obtaining more than $1 Million in loans for his cattle ranching business, according to U.S. Attorney Jesse Laslovich.
U.S. Magistrate Judge Timothy J Canan presided, with a sentencing date set before U.S. District Judge Susan P. Watters. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
From the District of Montana Press Release:
The government alleged in court documents that from November 2015 to January 2018, Mack applied for and received multiple operating loans from Garfield County Bank and from the Fergus Federal Credit Union for his cattle ranching business. At the Garfield bank, Mack had loans totaling approximately $885,000 from 2015 to 2017, and at the Fergus credit union, Mack had loans totaling approximately $250,000 from 2016 to 2018. Mack secured loans at both businesses, with items, including cattle belonging to him. The government further alleged that between April 18, 2018 and June 14, 2018, Mack sold cattle, totaling more than $50,000, that were securing the Garfield and Fergus loans. Mack did not pay any of the proceeds to either the bank or credit union. The money should have been paid to the bank and credit union because the cattle secured Mack’s loans.