GRAND RAPIDS, MICHIGAN — A former owner of a large Michigan farming operation has been found guilty of bank and crop insurance fraud. Mike Stamp, 46, of Decatur, Michigan, pleaded guilty to conspiracy to commit bank fraud and conspiracy to commit crop insurance fraud.
The convictions arise from acts that occurred while he owned and operated Stamp Farms. Stamp’s wife, Melissa Stamp, 38, also pleaded guilty to misprision of a felony for her actions in connection with Stamp Farms.
According to court documents, Mike Stamp admitted to fraudulently obtaining a $68 million operating loan from Wells Fargo Bank in December 2011 by misrepresenting the amount of land he farmed and the value of his company’s assets, including harvested grain, fertilizer, and fuel.
After obtaining the loan, Stamp continued to make misrepresentations to Wells Fargo about his business, including by creating false farmland leases and other documents. He also admitted to defrauding the federal crop insurance program by filing false claims, falsifying harvested crop records, and obtaining crop insurance in the names of entities with no insurable interest.
Melissa Stamp admitted to being aware of her husband’s fraud, not reporting it to authorities, and helping to hide money from Wells Fargo and other creditors of Stamp Farms.
Bank fraud is a serious financial crime that undermines the integrity of our financial system, said Manny Muriel, Special Agent in Charge of IRS-Criminal Investigation for the Detroit Field Office. Providing false or misleading documents to financial institutions will not be tolerated.
The case was investigated by IRS-Criminal Investigations and USDA-Office of Inspector General. AUSA Clay Stiffler and former AUSA Mike MacDonald handled the prosecution.
Key Facts
- State: Michigan
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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