Owner of Scott County Produce Business Pleads Guilty to Wire Fraud

LEXINGTON — The owner of a local produce business in Scott County, Ky., has admitted to fraudulently obtaining business loans, by falsifying information on the loan applications.

On Monday, William C. Thompson, 52, pleaded guilty, before Senior U.S. District Judge Joseph Hood, to wire fraud and making false statements on loan applications.

Thompson admitted that, in 2013, he submitted loan applications to receive thousands of dollars from federally funded agencies within the U.S. Department of Agriculture.  However, in order to conceal his poor credit history, he used his son’s social security number on the applications.  Thompson also made the false statements on the application to hide that he had previously filed for bankruptcy.  If the agencies had known Smith’s credit history, they would not have issued him the loans. 

The investigation was conducted by the U.S. Department of Agriculture, Office of Inspector General; U.S. Department of Agriculture, Farm Services Agency; and the Central Kentucky Agricultural Credit Association.  Assistant U.S. Attorney Jim Arehart is prosecuting this case on behalf of the federal government.

Thompson is scheduled to be sentenced on March 7, 2015.  He faces a maximum of 30 years in prison.  However, the Court must consider the U.S. Sentencing guidelines and the federal statutes before imposing a sentence.