SD man behind alleged cattle “Ponzi” scheme facing federal money laundering, wire and mail fraud charges

Investigates

A Corisca farmer who has already plead guilty to one North Dakota felony charge and is facing state charges in South Dakota, is now accused of 32 counts of mail and wire fraud, as well as money laundering.

Bob Blom is accused of running a cattle “Ponzi” scheme out of Douglas County and bilking 53 people out of millions of dollars.

Robert Lee Blom

According to new documents filed in federal court, Blom ran the scheme from 2014 to 2019, selling the same group of cattle to multiple buyers. The federal government alleges that he would use money from new investors to pay off old investors. First Dakota National Bank says it’s owed more than $7 million. 

Blom previously plead guilty to criminal felony charges in McIntosh County, North Dakota for writing bad checks to the tune of $135,000. He is also facing grand theft charges in Douglas County for writing a bad check for nearly $106,000 for a cattle payment. There is also a large civil suit in Douglas County against him.

Blom is scheduled to go on trial for the federal charges on May 19 in Sioux Falls.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories


 

Don't Miss!

More Don't Miss