Texas cattleman gets prison over bank loan fraud

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AMARILLO, Texas (AP) - A Texas Panhandle cattleman has been sentenced to nine years in prison and must repay nearly $9.3 million over bank fraud.

A federal judge in Amarillo on Thursday afternoon sentenced 34-year-old Tyler Holstein of Hereford. Prosecutors say Holstein in August pleaded guilty to making a false statement on a loan application.

Tyler Holstein owned and operated J Bar H Cattle Company.

Investigators says Holstein had about 10,000 head of cattle, including some he was feeding for Friona Industries, L.P., when he falsely claimed he owned all of the animals to seek credit from an Amarillo bank.

Prosecutors say Holstein also had a line of credit at another bank, to buy cattle, but when he sold the animals he failed to repay the bank, as required.

Copyright 2011 The Associated Press.



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