Man Charged with Converting Collateral Used to Secure Loan

Allison Tussey —  June 4, 2013 — Leave a comment

Patrick Charles Thomas, 55, Cut Bank, Montana, appeared on charges of violation of the False Claims Act, conversion of secured property, and federal loan fraud/false writing. He is currently released on special conditions.

Thomas was arraigned on May 22, 2013, before U.S. Magistrate Judge Keith Strong.

According to the Indictment, Thomas was engaged in ranching and farming on the Blackfeet Indian Reservation, Glacier County, Montana.  The defendant allegedly sold more than $160,000 of property pledge to a bank as collateral for a loan.  Thomas also allegedly forged an agreement which purported to substantiate a buy sell arrangement that did not exist, an agreement relied upon by the bank in approving the loan.

If convicted of these charges, Thomas faces possible penalties of 5 years in prison, a $250,000 fine, and 3 years supervised release on each count. Assistant U.S. Attorney Carl E. Rostad is the prosecutor for the United States. The investigation was a cooperative effort between the U.S. Department of Agriculture – Office of Inspector General and the Federal Bureau of Investigation.

The defendant pled not guilty to the charges.

The United States Attorney’s Office announced the charges.

 

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Allison Tussey

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