Former Owner Of Large Michigan Farming Operation Pleads Guilty To Bank Fraud & Crop Insurance Fraud
GRAND RAPIDS, MICHIGAN — U.S. Attorney Andrew Birge announced today that Mike Stamp, age 46, of Decatur, Michigan, pled guilty to conspiracy to commit bank fraud and conspiracy to commit crop insurance fraud. The convictions arise from acts that occurred while he owned and operated Stamp Farms. Stamp’s wife, Melissa Stamp, age 38, pled guilty to misprision of a felony for some of her actions in connection with Stamp Farms.
Mike Stamp admitted he fraudulently obtained a $68 million operating loan from Wells Fargo Bank in December 2011 by misrepresenting the amount of land he farmed and the value of his company’s assets, including harvested grain, fertilizer and fuel. After he obtained the loan, he continued to make misrepresentations to Wells Fargo about his business, including by creating false farmland leases and other documents.
Mike Stamp also admitted that he defrauded the federal crop insurance program by filing false claims, falsifying harvested crop records, and obtaining crop insurance in the names of entities with no insurable interest.
Melissa Stamp admitted that she was aware of Mike Stamp’s fraud, did not report it to authorities, and helped hide money from Wells Fargo and other creditors of Stamp Farms.
Read more: https://www.justice.gov/usao-wdmi/pr/2019_0417_Stamp
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