Kinston Farmer Headed To Prison For Fraud

A Kinston farmer will spend at least a year in prison for fraud.

William Whaley pled guilty to making false statements in connection with a commodity credit corporation loan.

Investigators say the 50-year-old took out a $273,000 loan using soybeans as collateral.

When an agent showed up at his farm to verify the quantity and quality of the beans, Whaley had a farm hand suspend a bucket of soybeans just below the opening of the grain bin making it look like the bin was filled with 54,000 bushels of soybeans when there were none.

Whaley also submitted false lein waivers on his loan application.

Whaley also paid a $50,000 penalty.




 
We encourage commenting on our stories to give you a chance to express your opinion. We rely upon the online community to report abuse. Repeat violators may be banned from posting comments. CLICK HERE for the witn.com guidelines for posting comments.
powered by Disqus