Farmer sentenced to prison over false loan application

DENVER (AP)--Federal prosecutors say a farmer from Sterling has been sentenced to a year and eight months in prison over a loan scheme.

Ronny Wisdom pleaded guilty in May to submitting a false loan application and was sentenced last month.

Prosecutors say the 57-year-old Wisdom didn't disclose an existing $1.5 million loan when he was approved for another $6 million loan.

They say he used some of the new loan to pay off the old one but disguised the payments as the cost of cattle and feed.

Prosecutors say several lenders ultimately lost about $10 million when Wisdom and his cattle company could not repay loans.

11/26/07
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Date: 11/20/07

article 2007- 48 - Farmersentencedtoprisonover.cfm

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