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Former owner of Stamp Farms sentenced to eight years in prison for bank fraud scheme and conspiracy to defraud farm benefit programs

Grand Rapids, Michigan Michael David Stamp of Decatur, Michigan, was sentenced to 96 months in federal prison for bank fraud and federal farm program fraud. U.S. District Judge Paul L. Maloney imposed the sentence. He also sentenced Stamp to five years of supervised release and ordered him to pay more than $17 million in restitution to Wells Fargo Bank, the U.S. Department of Agriculture s Risk Management Agency, and U.S.D.A. s Farm Service Agency. Mr. Stamp fraudulently obtained $68 million in bank loans and took advantage of government programs funded by U.S. taxpayers. Today s sentence should serve as a reminder that defrauding public programs and providing false or misleading documents to financial institutions are serious crimes that undermine our financial system and will not be tolerated, said Sarah Kull, Special Agent in Charge, IRS-Criminal Investigations.

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