Texas man selling cattle used as collateral sentenced

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A man using cattle to secure a bank loan was fined $10,000 and sentenced to 20 years in jail Thursday.

Gary Hammonds, 59, of Upshur County sold cattle belonging to First National Bank of Gilmer and chose to pay other bank loans and debt. According to the Longview, Texas News-Journal, Hammonds received three separate loans from First National Bank of Gilmer in 2007. The loans, totaling $415,000 were used to purchase cattle.

Hammonds admitted in court he had lied to bank officials during cattle inspections throughout the years. He was charged with hindering a security creditor.

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Tom Schaafsma    
Joseph, Or  |  November, 15, 2012 at 09:08 PM

What Gary Hammonds did was totally wrong, and I am glad he was caught. Isn't it ironic though, he gets 20 years over a few thousand and John Corzine skates scott free after swindling billions from farmers and ranchers. Just shows how good connections to this corrupt political government pays off.

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