FRESNO (KMJ) — A Fresno agricultural lender is facing federal charges in what prosecutors call a massive multi-million-dollar fraud scheme.
58-year-old Ron Cook, owner of Corporate America Lending, was arrested last week and indicted on charges including wire fraud, aggravated identity theft, money laundering, and making false statements to the federal government.
Federal prosecutors say Cook fraudulently obtained at least $64 million dollars through a series of schemes involving agricultural loans. Investigators say he diverted $58 million dollars from a loan refinancing deal, then moved the money through friends and associates to hide it.
Authorities also claim Cook used customers’ identities to secure loans without their knowledge and sold investors interests in loans that never existed.
The FBI investigated the case. If convicted, Cook faces up to 30 years in federal prison and a $250-thousand-dollar fine.
