Lewistown man admits bank fraud in obtaining loans for his cattle ranching business
BILLINGS — A Lewistown man today admitted to defrauding a bank and a credit union after obtaining 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 supervised release.
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 the U.S. 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 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.
The U.S. Attorney’s Office is prosecuting the case, which was investigated by the FBI.