POSTED: Thursday, November 15, 2012 - 7:30pm
UPDATED: Thursday, November 15, 2012 - 7:44pm
An Upshur County man has been sentenced to 20 years in prison and a $10,000 fine after he sold cattle that belonged to First National Bank of Gilmer without repaying the bank any money owed, District Attorney Billy Byrd said Thursday.
Gary Hammonds, 59, received three separate loans from First National Bank of Gilmer during 2007, Byrd said. The loans, which totaled $415,000 not including interest incurred, were to purchase cattle, Byrd said.
There were multiple inspections to review the bank’s cows; however, it was learned that the cows were sold and no money was paid back to the bank, Byrd said. Hammonds admitted in court he sold the cows and used the money to pay loans at other banks, Byrd said.
Hammonds added in court that he lied to bank officials when showing them the cattle during inspections throughout the years, Byrd said.
Hammonds was charged with hindering a security creditor. District Judge Lauren Parish handed out the sentence last week.
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