Lewistown, Montana resident Eric Edward Mack, 43, defrauded a bank and a credit union, obtaining more than $1 million in loans for his cattle ranching business.
Mack pleaded guilty in August 2022 to bank fraud, a crime that has significant consequences for Montana communities.
BILLINGS — On January 25, U.S. District Judge Susan P. Watters sentenced Eric Edward Mack to time served, followed by five years of supervised release, with one year of home confinement, said U.S. Attorney Jesse Laslovich.
According to court documents, Mack applied for and received multiple operating loans from Garfield County Bank and from the Fergus Federal Credit Union between November 2015 and January 2018. The total amount of loans Mack received was staggering, with $885,000 coming from Garfield County Bank from 2015 to 2017, and $250,000 from the Fergus Federal Credit Union from 2016 to 2018.
The government alleged that Mack secured these loans with items, including cattle belonging to him. However, Mack sold these cattle and failed to pay the proceeds of the sale to either bank, engaging in improper conduct when obtaining the loans by misrepresenting the status of collateral used to secure the loans at each institution.
This case serves as a reminder of the importance of financial integrity and the consequences of fraudulent activities. The U.S. Attorney’s Office prosecuted the case, which was investigated by the FBI.
The court will determine restitution at a later hearing. The investigation and prosecution of crimes like this one are crucial in maintaining public trust and ensuring that those who engage in fraudulent activities are held accountable.
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Key Facts
- State: Montana
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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