Acting U.S. Attorney Nicholas W. Chase announced today that U.S. District Judge Daniel M. Traynor sentenced Kelly Anthony Glatt, age 39, of Mandan for the offenses of Bank Fraud and Interstate Transportation of Stolen Livestock.
On October 13, 2020, after a multi-day trial, a federal jury found Glatt guilty of these offenses. Judge Traynor sentenced Glatt to serve 48 months imprisonment on the Bank Fraud charge and 36 months imprisonment on the Interstate Transportation of Stolen Livestock charge, serve a three year term of supervised release, pay $1,839,846.30 in restitution and pay a $200 special assessment.
On February 20, 2014, Glatt, a rancher, took out a loan from a North Dakota financial institution for $1.5 million to purchase cattle and livestock-related supplies. The financial institution obtained a security interest in the cattle, which were left in Glatt’s custody.
Additionally, Glatt took custody of multiple other individuals’ cattle as either cattle caretaker, cattle manager, or cattle partner. Evidence introduced at the trial demonstrated, between 2014 and 2017, that Glatt took affirmative steps to hide collateral from the financial institution; hid assets from the financial institution and other victims; fraudulently filed an agricultural statutory lien in another person’s name with the intent to deprive the financial institution of future foreclosed funds; and finally, transported stolen cattle belonging to the financial institution and the other victims from North Dakota to South Dakota.
“The defendant took advantage of, and defrauded, both hard-working ranchers and a North Dakota financial institution,” said Acting U.S. Attorney Nick Chase. “The United States Attorney’s Office is committed to identifying, investigating, and prosecuting financial and agricultural based crimes.”