A Beloit man has been found guilty of defrauding a bank in Ottawa County, Kansas.
The man, Matthew R. Shurts, 42, of Beloit, Kan., pleaded guilty to one count of bank fraud on Thursday.
Shurts admitted to providing false information when he applied for a loan from the Bank of Tescott on July 19, 2013.
He claimed to have 71 cows, 71 calves, and eight bulls as collateral for the loan, but in reality, he only owned 17 cows and 17 calves.
On August 1, 2013, Shurts filed a financial statement with the bank representing that he had 70 cow/calf pairs and six bulls worth a total of $152,000, when in fact he had 13 cow/calf pairs valued at a total of $26,000.
Shurts also told bank representatives in December 2013 that he had sold cattle and would be paying off some of his loan, but he wrote a check for $53,000 that did not have sufficient funds on account to clear.
Shurts faces a maximum penalty of 30 years in federal prison and a fine up to $1 million, with sentencing set for December 22.
U.S. Attorney Barry Grissom commended the FBI and Assistant U.S. Attorney Richard Hathaway for their work on the case.
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- Matthew C. McPherson, Wire Fraud Conspiracy, Kansas 2024 · Kansas
- Linda Kay Miller, Bank Fraud, Kansas 2014 · Kansas
- Matthew Daniel Sweet, Bank Fraud and Money Laundering, Arkansas 2013 · Kansas
- Quintin Flanagin, Wire Fraud, Bank Fraud, False Statements, Money Laundering, Kansas 2021 · Illinois
- Craig W. Sullivan, Wire Fraud, Kansas 2024 · Illinois
Key Facts
- State: Kansas
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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