BILLINGS — A Lewistown man who admitted to defrauding a bank and a credit union after obtaining more than $1 million in loans for his cattle ranching business was sentenced on Jan. 25 to time served, followed by five years of supervised release, with one year of home confinement, U.S. Attorney Jesse Laslovich said.
Eric Edward Mack, 43, pleaded guilty in August 2022 to bank fraud.
U.S. District Judge Susan P. Watters. The court will determine restitution at a later hearing.
The government alleged in court documents that from November 2015 to January 2018, Mack applied for and received multiple operating loans from Garfield County Bank and from the Fergus Federal Credit Union for his cattle ranching business. At the Garfield bank, Mack had loans totaling approximately $885,000 from 2015 to 2017, and at the Fergus credit union, Mack had loans totaling approximately $250,000 from 2016 to 2018. Mack secured loans at both businesses with items, including cattle belonging to him. The government further alleged that Mack sold cattle secured by loans at Garfield and Fergus and failed to pay the proceeds of the sale to either bank. Mack also engaged in improper conduct when obtaining the loans by misrepresenting the status of collateral used to secure the loans at each institution.
The U.S. Attorney’s Office prosecuted the case, which was investigated by the FBI.