Paul Hammel
LINCOLN — A Gering farmer has been sentenced to 36 months in prison and to pay more than $5 million in restitution for defrauding a local bank over several years.
According to the U.S. Attorney’s Office, George Liakos, 64, had misrepresented to Great Western Bank the amount of crops he had in storage, the number of cattle he had, and the acreage he was farming in order to secure approximately $11 million in loans.
Liakos ran a farming operation near Bayard that grew beans, corn and sugar beets and raised cattle.
Last week, U.S. District John Gerrard sentenced Liakos to prison, and to pay $5.06 million in restitution to the bank, now owned by First State Bank.
The bank sustained a financial loss of $3.94 million, according to the U.S. Attorney’s Office.
Acting United States Attorney Susan Lehr said that the sentencing concluded nearly four years of investigation by the USDA.