A judge rejected a sentencing deal that carried a five-year cap for fraud committed by a farmer in southwestern Michigan.
As a result, Mike Stamp withdrew his guilty plea, and a fall trial has been scheduled in U.S. District Court.
“Extensive fraud was committed and multiple steps were taken to recruit others into a fraud scheme that resulted in a loss of $20 million to the banks and federal government that were involved,” U.S. District Judge Paul Maloney said on Jan. 22.
“The totality and seriousness of this crime are not accurately reflected in such a penalty, and I do not believe would adequately deter Mr. Stamp or others from doing something like this in the future, nor is it reflective of respect for the law,” Maloney said.
Stamp had pleaded guilty to conspiracy in a scheme to defraud a government crop insurance program and lenders in Van Buren County.
“Where once the agribusiness hailed him as a wunderkind, he now serves as a general laborer on a pig farm,” defense attorney Scott Graham said in a Jan. 15 court filing.
Stamp's wife, Melissa Stamp, pleaded guilty to knowing about the fraud but not reporting it.