St. Louis, MO (KSDK) - The owner of an Illinois agriculture business faces up to 120 years in prison for obtaining a $10 million line of credit for his company through fraudulent means, U.S. Attorney Richard Callahan said Thursday.
According to court documents, 44-year-old Douglas Pennock of Pittsfield, Illinois was the owner and operator of JDL Longhorn Inc., which provided services to construct animal confinement systems.
Between 2006 and June 2008, Pennock and JDL Longhorn obtained substantial financing from small town banks totaling more than $10 million. The indictment alleges Pennock provided false information to one of those banks in order to secure the line of credit, which included providing fake reports regarding his company's financial status.
A federal grand jury indicted Pennock on one felony count of loan application fraud, two felony counts of bank fraud and one felony count of wire fraud. Each count carries a maximum sentence of 30 years in prison and $1 million in fines.