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WICHITA, KAN
A Texas man has been sentenced to 21 months in federal prison for cattle fraud in Kansas, U.S. Attorney Barry Grissom said today.
Defendant and Charges
The defendant is William P. Cadle, 50, DeKalb, Texas. He pleaded guilty to one count of loan fraud and one count of criminal conversion in U.S. District Court in Wichita.
Crime Details
On February 6, 2012, Cadle committed loan fraud against First National Bank in Independence, Kan. He obtained a loan from the bank and identified cattle to be used as collateral for the loan. The security agreement grossly overstated the number of cattle he had to collateralize the loan.
The security agreement also identified Angus cattle purchased with a Farm Service Agency loan as belonging to Cadle. However, the cattle were purchased by Cadle’s son with a loan from the Farm Service Agency, and Cadle did not have enough collateral to secure his loan from First National Bank.
From September 2011 to March 2012, Cadle began selling the cattle secured by the Farm Service Agency loan. He concealed the fact that the cattle were mortgaged by FSA and he did not make payments to FSA upon the sale. By the spring of 2012, he had sold all the cattle.
Sentence and Outcome
Cadle was sentenced to 21 months in federal prison. U.S. Attorney Grissom commended the U.S. Department of Agriculture and Assistant U.S. Attorney Aaron Smith for their work on the case.
This is a case of serious financial misconduct, where a defendant took advantage of the trust placed in him to commit fraud. We will continue to hold individuals accountable for such actions.
Key Facts
- State: Kansas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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