Former Stamp Farms Owner Pleads Guilty To Fraud

The former owner of a large Decatur farm is facing prison time for fraud. U.S. Attorney Andrew Birge says 46-year-old Mike Stamp of Decatur pleaded guilty today to conspiracy to commit bank fraud and conspiracy to commit crop insurance fraud. His 38-year-old wife, Melissa, earlier pled guilty to a felony charge in the case. Mike Stamp admitted he fraudulently landed a $68 million operating loan from Wells Fargo Bank in December 2011 by lying about how much land he farmed and the value of the farm’s assets. Stamp also copped to defrauding the federal crop insurance program by filing false claims, falsifying harvested crop records, and getting crop insurance in the names of other people. His wife admitted she knew what he was doing, helped hide money from Wells Fargo, and didn’t tell police what was going on. The U.S. Attorney’s Office did not say when sentencing will be, or outline the possible penalties.