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Shane Sweetin Sentenced to 33 Months for Lying on Loan Applications

1 min read

Marcus Shane Sweetin of Little Rock was sentenced Wednesday to 33 months in prison for making false statements on loan applications, costing AgHeritage Farm Credit, BancorpSouth Bank and Regions Bank more than $3.3 million.

Sweetin, 46, pleaded guilty to the charge in May. 

In addition, he was sentenced to five years of supervised release and ordered to pay over $3.2 million in restitution. The amount was lowered to account for recent payments to victims since his guilty plea.

He operated Sweetin Farms LLC, which farmed two parcels of land in Arkansas County and Prairie County. In April 2013, Sweetin applied for a loan from AgHeritage Farm Credit Services that sought to recoup money his company allegedly spent acquiring a Case 290 Magnum Tractor. 

The fictitious tractor was to serve as collateral. Sweetin provided AgHeritage a fabricated invoice from an equipment dealer which showed that the tractor had been purchased outright, with a fake copy of the company check that had supposedly been used to pay for the tractor.

The tractor on the invoice had actually been financed through another lender and in reality, bore a different serial number. 

During his plea hearing, Sweetin acknowledged this was one of several instances when he lied on loan applications for his farming operation.

Sweetin’s schemes included fictitious serial numbers and invoices, overstating his farmable acreage and understating debts on crop loans. He also double-pledged collateral.

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