Steven Ray Williams, Bank Fraud, Kentucky 2024

Lexington Man Indicted in $150,000 Bank Fraud Scheme

A Montgomery County man has been accused of perpetrating a massive bank fraud scheme, targeting the Farm Service Agency (FSA), a division of the United States Department of Agriculture. Steven Ray Williams, 57, faces up to 30 years in prison and a fine of $1,000,000 on each of the 11 bank fraud counts detailed in the indictment.

Scheme Involves Selling Secured Loan Collateral
According to the indictment, Williams sold off secured loan collateral, including cattle and farm equipment, in the names of other individuals. He then allegedly forged endorsement signatures on checks to avoid turning over the proceeds to the FSA. The scheme allowed Williams to avoid repaying more than $150,000 in loans from the FSA.

Aggravated Identity Theft Charges Added
In addition to the bank fraud charges, Williams is also accused of aggravated identity theft for using the means of identity of another person without permission to facilitate the bank fraud. This charge carries a prison sentence of two years.

Investigation Conducted by USDA Office of Inspector General
The investigation preceding the indictment was conducted by the U.S. Department of Agriculture, Office of Inspector General. Robert M. Duncan, Jr., United States Attorney for the Eastern District of Kentucky, and Bethanne M. Dinkins, Acting Special Agent in Charge, Southeast Region, United States Department of Agriculture Office of Inspector General, jointly announced the indictment.

Defendant to Appear in Federal Court
A date for Williams to appear in federal court has not yet been scheduled. He is presumed innocent and is entitled to a fair trial, at which the government must prove guilt beyond a reasonable doubt.

Potential Penalties
If convicted, Williams faces up to 30 years in prison and a fine of $1,000,000 on each of the 11 bank fraud counts. The aggravated identity theft charge carries a prison sentence of two years. However, any sentence following a conviction would be imposed by the Court, after its consideration of the U.S. Sentencing Guidelines and the federal sentencing statutes.

Conclusion
The indictment serves as a stark reminder of the consequences of engaging in such egregious financial crimes. The investigation and prosecution of this case demonstrate the commitment of law enforcement agencies to protecting the public from financial predators.

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