Get it in writing: Cattle industry urged to move away from handshake deals

Get it in writing: Cattle industry urged to move away from handshake deals

Jenny Schlecht

Ag Week

One such case is playing out in South Dakota, where Robert “Bob” Blom operated a feedlot. In February 2019, First Dakota National Bank determined Blom owed principal of $6.74 million to the bank, with additional interest of more than $1,000 per day. After the bank foreclosed, officials discovered Blom may have been operating a Ponzi-like scheme in which he would resell the same cattle over and over again and collect feeding bills from customers on what were often non-existent cattle.

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