A Fresno agricultural lending executive has been indicted on federal charges accusing him of running a fraud scheme worth nearly $65 million, built on stolen identities, phantom loans and a multimillion-dollar refinance the original lender reportedly never knew about. Ron Cook, 58, faces charges including making false statements to the federal government, wire fraud, aggravated identity theft and money laundering.
According to the U.S. Department of Justice, Eastern District of California, Cook has been indicted on multiple charges “for running a nearly $65 million fraud scheme through his company.” The DOJ identifies Corporate America Lending, or CAL, as the company through which Cook allegedly ran the scheme. A local outlet, SJV Sun, also reports that Cook allegedly ran the operation through CAL.
SJV Sun's reporting describes CAL as a business that originates agricultural loans and sells interests in them to investors, companies and Farmer Mac, the federally backed agricultural finance entity. The Farm Credit Administration describes Farmer Mac as a secondary market created in 1988 for agricultural real estate mortgage loans, rural housing loans and rural cooperative loans, per the agency's own account of the program.
A $58 Million Refinance Allegedly Hidden From the Original Lender
The most sweeping of the alleged schemes reportedly began in 2023, when Cook obtained a $58 million refinance without the original financial company's knowledge, the same report states. Once that company discovered the refinancing had taken place, prosecutors allege Cook moved to cover his tracks rather than come clean.
Per the outlet's reporting, Cook transferred the $58 million to friends and associates to conceal its location after the original lender caught on. The FBI's Sacramento field office echoed the broader allegations in a social media post, stating that court records show Cook “refinanced a multi-million-dollar loan without the original lender's knowledge” and that he allegedly used diverted funds, used customers' identities to obtain unauthorized Farmer Mac loans, and sold investors interests in nonexistent loans.
Identity Theft and Loans That Allegedly Never Existed
Beyond the refinance, prosecutors allege Cook used customers' identities without their knowledge to take out separate loans from Farmer Mac in their names. The same reporting states that Cook also sold investors interests in loans that did not actually exist, effectively collecting money for financial products that had no underlying basis.
Prosecutors allege Cook obtained nearly $65 million through his fraud schemes and funneled the money toward personal expenses, debts and political donations.
Other Recent Federal Fraud Cases
Cook's indictment lands amid other federal fraud prosecutions. In a separate case, Matthew Dane Billingsley was sentenced to 90 months in prison in a $30 million fraud scheme. Years earlier, the FBI's Sacramento field office reported that defendants in three separate mortgage-fraud cases in Fresno and Bakersfield were sentenced to prison in August 2022.
