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Lake City Farmer’s Prison Sentence for $400,000 Bank Loan Scam
A 36-year-old farm owner from Lake City, Iowa, has been sentenced to over a year in federal prison for making false statements to influence financial institutions and bankruptcy fraud.
Clint Devries, a resident of Lake City, was handed the prison term after pleading guilty to two counts of making false statements to influence financial institutions and one count of bankruptcy fraud on September 26, 2017.
According to court documents, Devries made false statements to a bank about the amount of crops he had in storage and the value of other property he was using for collateral in order to obtain farm operating loans from the bank. He ended up defaulting on more than $400,000 in farm loans he received from the bank.
Devries also admitted to lying to the Federal Crop Insurance Corporation from 2012 to 2015, falsely understating the amount of crops he produced each year in order to obtain crop insurance proceeds to which he was not entitled. During those years, Devries received more than $450,000 in crop insurance proceeds than he would have received but for his lies.
After filing for bankruptcy in October 2015, Devries lied to the bankruptcy case trustee regarding having sold some of his crops.
Devries was sentenced in Sioux City by Chief United States District Court Judge Leonard T. Strand to 18 months’ imprisonment. A special assessment of $300 was imposed, and he was ordered to make $1,190,696.12 in restitution to the victims of his false statements. He must also serve a 3-year term of supervised release after the prison term.
The case was prosecuted by Assistant United States Attorney Anthony Morfitt. The case was investigated by the United States Department of Agriculture – Office of the Inspector General and the Federal Bureau of Investigation with assistance from the Office of the United States Trustee in the Northern District of Iowa.
Key Facts
- State: Iowa
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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