Former loan officer, co-conspirators in midstate AgGeorgia scam plead guilty
MACON, Ga. (WGXA) -- A Macon man has pleaded guilty in federal court to his part in a scam organized by a former loan officer.
The US Attorney's Office for the Middle District of Georgia states that 66-year-old Johnnie Farrow pleaded guilty to conspiracy to defraud a financial institution.
Three co-defendants -- 33-year-old William Spigener, III, of Columbus, 57-year-old Eary Fuller, of Macon, and 50-year-old Demetria Bell, of Macon -- had already pleaded guilty to the same charge.
Each defendant faces up to 30 years in prison and a $1,000,000 fine.
Court documents name Spigener as the operator behind a scheme to defraud AgSouth Farm Credit and AgGeorgia Farm Credit in Perry.
Spigener had worked at one of the institutions as a loan officer from February 2012 until his resignation in February 2019.
While still employed, court documents state that Spigener recruited Farrow, Fuller, and Bell to pose as loan borrowers with both institutions.
In exchange for the use of Farrow, Fuller, and Bell's personal information and for their appearances at the loan closings, Spigener gave them about 10 percent of the loan funds.
Spigener fabricated documents to make sure the loan applications were approved. None of the co-defendants were involved in farming nor did they have the collateral needed for the loans.
Court documents state that Spigener repaid some of the loans but couldn't pay back most of them. The loss was more than $550,000 but less than $1.5 million.
