US DOJ Press Release - March 28, 2005

Acting United States Attorney Michelle G. Tapken announced that David A. Lipp, age 42, of Mobridge, appeared before U.S. District Judge Charles B. Kornmann in Aberdeen on March 25, 2005, and pled guilty to Conversion of Mortgaged Property. The maximum penalty is 5 years imprisonment and/or a $250,000 fine. Lipp was originally indicted by a federal grand jury in September 2004 for Conversion of Mortgaged Property. The charge relates to the concealment, removal or disposal of proceeds from the sale of cattle, horses, pasture rental, hay and other income derived from the farm/ranch operation from October 1999 and November 2002, which was the property mortgaged and pledged as security to the Farmers Home Administration. The investigation was conducted by the Department of Agriculture—Office of Inspector General, and the case was prosecuted by Assistant United States Attorney David L. Zuercher. A presentence investigation was ordered and a sentencing date was set for July 25, 2005. The defendant was released on bond pending sentencing.