Former Owner of Stamp Farms, Michael David Stamp Sentenced to Eight Years in Prison for Bank Fraud Scheme and Conspiracy to Defraud Farm Benefit Programs
GRAND RAPIDS, MI (STL.News) U.S. Attorney Andrew Birge announced that Michael David Stamp, 46, of Decatur, Michigan, was sentenced to 96 months in federal prison for bank fraud and federal farm program fraud. U.S. District Judge Paul L. Maloney imposed the sentence. He also sentenced Stamp to five years of supervised release and ordered him to pay more than $17 million in restitution to Wells Fargo Bank, the U.S. Department of Agriculture’s Risk Management Agency, and U.S.D.A.’s Farm Service Agency.
Stamp, who at one point operated the largest agribusiness in the State of Michigan, pled guilty to engaging in a scheme to defraud his lender, Wells Fargo Bank, in order to obtain a $68 million line of credit for his business. He also pled guilty to engaging in a conspiracy to defraud the Federal Crop Insurance Corporation. Judge Maloney characterized Stamp’s fraud scheme as “rampant” and a “rip-off of the taxpayers of the United States” who fund federal farm benefits programs, “which are supposed to help farmers.”