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|Wood Co rancher sentenced for selling mortgaged cattle|
|Written by Clayton Neville|
|Tuesday, 26 February 2013 16:01|
A Nebraska man, formerly living in Wood County, has been sentenced for misapplying funds owed to the Farm Services Agency.
According to U.S. Attorny John Bales, 26-year-old Michael Kord Chapman pleaded guilty on August 22, 2012 to conversion of mortgaged property and was sentenced to five years probation today by U.S. District Judge Leonard Davis. Chapman was also ordered to pay restitution of $83,622.42 to the U.S. Department of Agriculture Farm Services Agency.
According to information presented in court, between February 18, 2011 and April 7, 2011, Chapman sold approximately 158 head of cattle valued at over $83,400 that had been pledged as collateral on a loan from the Farm Services Agency. Instead of paying the loan, Chapman kept the proceeds of the sale for himself and converted them to his own use.