TABOR CITY, NC (WWAY) -- A Tabor City man pleaded guilty in federal court to crop insurance fraud. Patrick Lovett, a farmer and president of Lovett Farms, faces up to 10 years in prison.
According to the criminal information filed in November, Lovett structured currency transactions with one or more domestic financial institutions for the purpose of evading the legal obligation to report currency transactions in excess of $10,000.
From October 8, 2008, through September 14, 2009, Lovett cashed 22 checks totaling over $160,000. Each check was issued in amounts less than $10,000, and some of the checks were tied to tobacco sales.
Lovett's sentencing is set for May 20th. He faces up to 10 years in prison followed by three years of supervised release. He also faces a fine of $500,000.
This case is part of the ongoing investigation of the multi-million dollar crop insurance fraud in the Eastern District of North Carolina.