Prosecutors say Jeffrey Lewis DeWitt convinced a victim to apply for a bank loan on his behalf. The money was used to buy cattle. DeWitt promised he could resell the cattle within three weeks for a guaranteed profit, but DeWitt repaid the victim who got the loan with a check that bounced.
DeWitt admits he also sold about $200,000 worth of cattle and hay and put the money in his parents’ accounts — to hide the money from a creditor.
The creditor happened to be the U.S.D.A.’s Farm Services Agency. Finally, DeWitt has admitted to getting money from other farmers, promising to buy cattle, seed and hay – but failing to do so.
DeWitt pled guilty to wire fraud and conversion of mortgaged property in December. He was sentenced to federal prison on Thursday.