The Tractor That Promised Four Loans and Stole $4.3M
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The Tractor That Promised Four Loans and Stole $4.3M
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Fear that a single, ordinary piece of farm equipment could be the keystone of a $4.3 million fraud - a publicly parked John Deere was touted as collateral to four different lenders while its true market value was about $55,000. How did forged paperwork and cordial lending relationships let a $68,000 tractor anchor a multi-year scam that only ended when a birdwatcher took a photo?
In this episode, we tell how a tractor photographed on a country road exposed overlapping liens, multiple investors and a company that appeared legitimate on paper; we follow the timeline from the first Bellridge loan in 2015 through private investors in 2017 and ask how that web of trust unraveled into fraud.
Person: Kevin Russo
Company: Meridian Equipment Solutions
Date discovered: March 4, 2019 at 7:15 AM
Item: John Deere 6155M serial L06155MXXXXX
Loss amount: $4,300,000
- The tractor was purchased for $68,000 at an estate sale in summer 2016.
- Its approximate market value at discovery was $55,000.
- Bellridge extended Meridian a $430,000 loan in fall 2015 secured by eleven pieces of equipment.
- Two private investors contributed $214,000 (Frank and Doris Abner) and $90,000 (Janet Sully) in 2017.
- The scheme had been technically insolvent for nearly two years before discovery.
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