A Stamp Farms employee who pled guilty last spring to conspiracy to commit bankruptcy fraud has now been sentenced.
Larry Thomas Stambeck, who worked at the now-dismantled Stamp Farms in Decatur, Mich., was sentenced to pay a $10,000 fine by U.S. District Judge Robert Holmes Bell. That fine is in addition to the $20,000 Stambeck had to repay to the bankruptcy court after he improperly transferred Stamp Farms grain to an elevator in Hamilton, Mich.
As recently as 2012, Stamp Farms, led by Michael D. Stamp, was a fast-growing and ambitious operation with more than 40,000 acres and a grain terminal. But the growth didn’t last. In 2012, Stamp Farms and its associated businesses unexpectedly filed for bankruptcy, citing more than $50 million in liabilities.
Many of the assets were soon sold, but the story continues to unfold.
In March 2015, U.S. prosecutors indicted three Stamp Farms employees, including Stambeck, for conspiracy to commit bankruptcy fraud and crop insurance fraud. Just a few months later, in May, Melissa Sue Stamp pled guilty to charges as well, admitting that she hid money from the bankruptcy court. Melissa, who begins serving a 22-month prison sentence in October, is Michael’s wife. No charges have been filed against him.
The Top Producer team will continue to follow the story and provide updates at www.TopProducer-Online.com/Stamp.