Bayard Farmer/Rancher Charged With Bank Fraud For Lying About Assets, Debts On Loan Applications

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      A Panhandle farmer/rancher has been indicted on 5 federal counts for allegedly lying to bank and federal officials about his assets and debt load in an effort to secure more than $11 million in loans.

      62-year-old George Liakos faces 4 counts of bank fraud and one count of making a false statement. He’s scheduled to appear in federal court on Nov 3.

      Laikos and his wife grow beans, corn and sugar beets and raise cattle near Bayard. An EF-2 tornado struck the ranch June 12, 2017, and totaled the home, show barn, many of their equipment sheds, and much of their machinery.

    The federal indictment on the bank fraud counts says in June 2017, Liakos took out an $8.5-million dollar revolving line of credit, a $1.8-million machinery and equipment loan, and an $850,000 livestock loan from Great Western Bank.

      In Nov 2018, he and his wife signed a forbearance agreement temporarily reducing payments with interest and adding another $336,000 line of credit. 

      The indictment says Liakos later submitted a borrowing base certificate that overstated his commodity and livestock inventories and failed to report his other loans and accounts payable causing Great Western to lose $7.6-million dollars.

      The false statement charge stems from Liakos allegedly lying to the federal Farm Service Agency when applying for a commodity loan in Feb 2018. 

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