Lewistown man admits bank fraud in obtaining loans for his cattle ranching business | USAO-MT
BILLINGS — A Lewistown man today admitted to defrauding a bank and credit union after securing more than $1 million in loans for his cattle ranching business, U.S. Attorney Jesse Laslovich said.
Eric Edward Mack, 43, pleaded guilty to bank fraud. Mack faces a maximum of 30 years in prison, a $1 million fine and five years of probation.
U.S. Magistrate Judge Timothy J. Cavan presided. A sentencing date will be set before U.S. District Judge Susan P. Watters. The court will determine any sentence after considering US sentencing guidelines and other statutory factors.
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 Fergus Federal Credit Union for his cattle ranching business. At Garfield Bank, Mack had loans totaling approximately $885,000 from 2015 to 2017, and at Fergus Credit Union, Mack had loans totaling approximately $250,000 from 2016 to 2018. Mack secured loans at both companies , with articles, 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, which secured the Garfield and Fergus loans. Mack did not pay any proceeds to the bank or credit union. The money should have gone to the bank and the credit union because the cattle guaranteed Mack’s loans.
The U.S. Attorney’s Office is pursuing the case, which has been investigated by the FBI.