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Defendant Pleads Guilty to Defrauding Farm Credit Administration
BOWLING GREEN, Ky. – Timothy R. Jaynes, a 51-year-old man from Casey County, Kentucky, has pled guilty to his role in a conspiracy to defraud the Farm Credit Administration by concealing the sale of grain to unauthorized purchasers.
According to the plea agreement, Jaynes was a friend of Christopher S. Fair, 38, of Liberty, Kentucky, who allegedly obtained loans from Central Kentucky Agriculture Credit in July 2012. CKAC is a subsidiary of the Farm Credit Administration.
Under the loan terms, Fair was only authorized to sell his grain to certain purchasers, and sale proceeds were to be remitted to CKAC to pay off the loan balances. However, between July 2012 and October 29, 2013, Fair allegedly sold grain to unauthorized purchasers without CKAC’s knowledge or approval, and transferred the proceeds of those sales to bank accounts under his own control and the control of others.
Jaynes admitted to establishing FJ Holdings and opening an FJ Holdings bank account for Fair to hide assets from creditors and to deposit grain sale proceeds and conceal those proceeds. He also shared the proceeds deposited into the FJ Holdings account with Fair.
As a result of his guilty plea, Jaynes faces a maximum sentence of five years in prison, a $500,000 fine, and a three-year period of supervised release. At the time of sentencing, Jaynes agrees to pay restitution in the amount of $50,000 to the Farm Service Agency. He is scheduled for sentencing before Judge Greg N. Stivers on July 6, 2017, in Bowling Green.
The case is being prosecuted by Assistant United States Attorney David Weiser and is being investigated by the Farm Credit Administration.
Key Facts
- State: Kentucky
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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