Judge Orders Rancher to Repay USDA $65K for Loan he Misused
A federal judge in South Dakota has ordered a rancher to pay back the U.S. Department of Agriculture $65,000 for a loan he misused.
The order against 36-year-old Pierre resident Timothy Sherwood came after he pleaded guilty to conversion of mortgaged property. He was also ordered to spend five years on unsupervised probation.
Sherwood was charged for an incident that authorities say happened between December 2011 and September 2012.
Authorities say Sherwood received a $76,000 USDA loan administered by the Farm Service Agency to buy sheep and cover expenses for their care. But Sherwood sold the sheep without the FSA approval and deposited the proceeds of the sale into his personal bank account instead of an FSA account.
Authorities accuse Sherwood of spending large sums on personal, non-ranch expenses.
