TABOR CITY, NC (WECT) – A Tabor City man pleaded guilty in court Tuesday to his involvement in a crop insurance fraud case.
According to a news release from the U.S. Attorney's Office, 49-year-old Patrick Rex Lovett pleaded guilty to structuring transactions to evade reporting requirements.
Lovett, who is a farmer and President of Lovett Farms, falsified transactions with domestic financial institutions so that he reported currency transactions that were in excess of $10,000, according to the release.
Lovett cashed 22 checks, totaling more than $160,000, from Oct. 2008 to Sept. 2009.
Every check was in amounts less than $10,000, some of which were tied to tobacco sales.
Following his plea, Lovett will be sentenced in May, and he faces up to 10 years in prison with an additional three years of supervised release and a $500,000 fine.
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