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Date: 03-28-2023
Case Style:
Case Number: 5:23-cr-00013
Judge: Danny C. Reeves
Court: United States District Court for the Eastern District of Kentucky (Urban County)
Plaintiff's Attorney: United States Attorney’s Office in Lexington
Defendant's Attorney:
Description: Lexington, Kentucky criminal defense lawyer represented Defendant charged with unlawful conversion of loan collateral.
Starting in 2013, Peter Alex Cox, age 33, obtained a line of credit from Central Bank Agricultural Credit Association, secured by the Farm Service Agency, part of the United States Department of Agriculture. Between 2013 and 2018, Cox applied to increase his line of credit, until it reached $1,057,140.35 in 2018. Cox pledged 800 beef and dairy cattle that he owned, as collateral to secure the loan.
Cox admitted in the plea agreement that, between May and October 2019, he sold his cattle to unapproved sellers, using a fictitious farm name, and did not apply the proceeds from the cattle sold to his debt. He further admitted that his intention in using the fictious farm name was to prevent Ag Credit from receiving any of sales or profits of the sales. Cox’s cattle sales totaled $1,106,701.17, without any payments made toward his loan and without providing any notice of the sales.
The investigation was conducted by USDA. The United States was represented by Assistant U.S. Attorney Kate K. Smith.
18:685 UNLAWFUL CONVERSION OF LOAN COLLATERAL
(1)
Outcome: Defendant pled guilty. Cox is scheduled to be sentenced on July 14, 2023. He faces a maximum of five years in prison and a maximum fine of $250,000. However, any sentence will be imposed by the Court, after its consideration of the U.S. Sentencing Guidelines and the federal sentencing statutes.
Plaintiff's Experts:
Defendant's Experts:
Comments: