A Fresno executive has been indicted on multiple federal charges in connection with a nearly $65 million fraud scheme that prosecutors say defrauded agricultural borrowers, investors, financial companies, and the federally backed Farmer Mac.

Ron Cook, 58, of Fresno, was indicted on charges of making false statements to the federal government, wire fraud, aggravated identity theft, and money laundering through his company, Corporate America Lending, U.S. Attorney Eric Grant announced Monday.

Cook was arrested at his office Monday morning and was scheduled to make his initial court appearance Monday afternoon.

According to court records, Corporate America Lending, or CAL, is a Fresno-based lending company that originates loans for farmers, ranchers, and others in the agriculture industry. The company sells interests in those loans to investors, financial companies, and the Federal Agricultural Mortgage Company, known as Farmer Mac.

Prosecutors allege the scheme included a $58 million loan Cook originated and sold to a financial company. Beginning in 2023, the borrowers refinanced the loan with another financial company without the first company knowing about the refinancing.

Misrepresentations to Borrowers

Cook allegedly made misrepresentations to the borrowers and both financial companies so he could receive the $58 million refinancing proceeds without the first company learning about the transaction and keep the money himself.

After the first financial company discovered the refinancing, Cook allegedly transferred money to friends and associates to conceal its location, resulting in the money laundering charges.

Federal prosecutors also allege Cook defrauded other customers and investors by stealing customers’ identities and obtaining loans from Farmer Mac in their names without their knowledge. He also allegedly sold investors interests in loans that did not exist.

Cook obtained at least $64 million through the alleged scheme, prosecutors said.

Authorities allege Cook used the money to support his lifestyle, pay debts owed to customers and investors who discovered the alleged fraud and threatened to report him to law enforcement, and make political donations.

If convicted, Cook faces up to 30 years in prison and a $250,000 fine on the charge of making false statements to the federal government. He faces up to 20 years in prison and fines of as much as $250,000 for each wire fraud and money laundering charge.

Each aggravated identity theft charge carries a mandatory two-year prison sentence that would run consecutively to any sentence imposed on other charges.

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