David L. Sturgeon, Bank Fraud, Oklahoma 2013

A Cordell veterinarian has been sentenced to prison and ordered to pay restitution for making false statements to defraud a local bank.

David L. Sturgeon, 63, was sentenced by United States District Judge Joe Heaton to serve 12 months and one day in federal prison for making false statements to defraud the Bank of Cordell, announced Sanford C. Coats, United States Attorney for the Western District of Oklahoma.

Additionally, Judge Heaton ordered that Sturgeon serve five years of supervised release upon his release from prison and pay $892,854.15 in restitution to two bank victims.

Sturgeon, who operates the Washita Veterinarian Clinic, is also a manager partner of 20/20 Cattle and Consulting L.L.C. and S&D Cattle L.L.C.

According to an Information filed on February 21, 2013, Sturgeon secured several loans based on a revolving line of credit extended by Bank of Cordell between December 2007 and December 2008.

Sturgeon used the loan funds to make margin calls on his commodities trading accounts with R.J. O'Brien, a commodities firm located in Chicago, Illinois, rather than purchasing cattle as intended.

Sturgeon was charged on February 21, 2013, and pled guilty on March 7, 2013.

At the sentencing hearing, Judge Heaton ordered that restitution of $599,364.29 be paid to Bank of Cordell and $293,489.86 to Farm Credit Bank.

Sturgeon is to report to the Bureau of Prisons on August 19, 2013, to begin serving his prison sentence.

Source: https://www.justice.gov/usao-wdok/pr/cordell-veterinarian-serve-year-prison-and-pay-over-892000-restitution-making-false